Narendra Modi’s trip to Ghana in July 2025, part of a five-nation visit, is the first by an Indian prime minister in over 30 years. The two countries’ relationship goes back more than half a century to when India helped the newly independent Ghana set up its intelligence agencies. Ghana is also home to several large Indian-owned manufacturing and trading companies. International relations scholar Pius Siakwah unpacks the context of the visit.
What is the background to Ghana and India’s relationship?
It can be traced to links between Kwame Nkrumah, Ghana’s first president, and his Indian counterpart, Prime Minister Jawaharlal Nehru, in 1957. It is not surprising that the Indian High Commission is located near the seat of the Ghana government, Jubilee House.
Nkrumah and Nehru were co-founders of the Non-Aligned Movement, a group of states not formally aligned with major power blocs during the cold war. Its principles focused on respect for sovereignty, neutrality, non-interference, and peaceful dispute resolution. It was also a strong voice against the neo-colonial ambitions of some of the large powers.
The movement emerged in the wave of decolonisation after the second world war. It held its first conference in 1961 under the leadership of Josip Bros Tito (Yugoslavia), Gamal Abdel Nasser (Egypt) and Sukarno (Indonesia) as well as Nehru and Nkrumah.
The relationship between Ghana and India seemingly went into decline after the overthrow of Nkrumah in 1966, coinciding with the decline of Indian presence in global geopolitics.
In 2002, President John Kufuor re-energised India-Ghana relations. This led to the Indian government’s financial support in the construction of Ghana’s seat of government in 2008.
Though the concept of the Non-Aligned Movement has faded this century, its principles have crystallised into south-south cooperation. This is the exchange of knowledge, skills, resources and technologies among regions in the developing world.
South-south cooperation has fuelled India-Ghana relations. Modi’s diplomatic efforts since 2014 have sought to relaunch India’s presence in Africa.
In recent times, India has engaged Africa through the India–Africa Forum Summit. The first summit was held in 2008 in New Delhi with 14 countries from Africa. The largest one was held in 2015, while the fourth was postponed in 2020 due to COVID-19. The summit has led to 50,000 scholarships, a focus on renewable energy through the International Solar Alliance and an expansion of the Pan-African e-Network to bridge healthcare and educational gaps. Development projects are financed through India’s EXIM Bank.
India is now one of Ghana’s major trading partners, importing primary products like minerals, while exporting manufactured products such as pharmaceuticals, transport and agricultural machinery. The Ghana-India Trade Advisory Chamber was established in 2018 for socio-economic exchange.
Modi’s visit supports the strengthening of economic and defence ties.
The bilateral trade between India and Ghana moved from US$1 billion in 2011-12 to US$4.5 billion in 2018-19. It then dipped to US$2.2 billion in 2020-21 due to COVID. By 2023, bilateral trade amounted to around US$3.3 billion, making India the third-largest export and import partner behind China and Switzerland.
Indian companies have invested in over 700 projects in Ghana. These include B5 Plus, a leading iron and steel manufacturer, and Melcom, Ghana’s largest supermarket chain.
India is also one of the leading sources of foreign direct investment to Ghana. Indian companies had invested over US$2 billion in Ghana by 2021, according to the Ghana Investment Promotion Center.
What are the key areas of interest?
The key areas of collaboration are economic, particularly:
energy
infrastructure (for example, construction of the Tema to Mpakadan railway line)
defence
technology
pharmaceuticals
agriculture (agro-processing, mechanisation and irrigation systems)
industrial (light manufacturing).
What’s the bigger picture?
Modi’s visit is part of a broader visit to strengthen bilateral ties and a follow-up to the Brics Summit, July 2025 in Brazil. Thus, whereas South Africa is often seen as the gateway to Africa, Ghana is becoming the opening to west Africa.
Modi’s visit can be viewed in several ways.
First, India as a neo-colonialist. Some commentators see India’s presence as just a continuation of exploitative relations. This manifests in financial and agricultural exploitation and land grabbing.
Second, India as smart influencer. This is where the country adopts a low profile but benefits from soft power, linguistic, cultural and historical advantages, and good relationships at various societal and governmental levels.
Third, India as a perennial underdog. India has less funds, underdeveloped communications, limited diplomatic capacity, little soft power advantage, and an underwhelming media presence compared to China. China is able to project its power in Africa through project financing and loans, visible diplomatic presence with visits and media coverage in Ghana. Some of the coverage of Chinese activities in Ghana is negative – illegal mining (galamsey) is an example. India benefits from limited negative media presence but its contributions in areas of pharmaceuticals and infrastructure don’t get attention.
Modi will want his visit to build on ideas of south-south cooperation, soft power and smart operating. He’ll want to refute notions that India is a perennial underdog or a neo-colonialist in a new scramble for Africa.
In 2025, Ghana has to navigate a complex geopolitical space.
Pius Siakwah does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
The global ecosystem of climate finance is complex, constantly changing and sometimes hard to understand. But understanding it is critical to demanding a green transition that’s just and fair. That’s why The Conversation has collaborated with climate finance experts to create this user-friendly guide, in partnership with Vogue Business. With definitions and short videos, we’ll add to this glossary as new terms emerge.
Blue bonds
Blue bonds are debt instruments designed to finance ocean-related conservation, like protecting coral reefs or sustainable fishing. They’re modelled after green bonds but focus specifically on the health of marine ecosystems – this is a key pillar of climate stability.
By investing in blue bonds, governments and private investors can fund marine projects that deliver both environmental benefits and long-term financial returns. Seychelles issued the first blue bond in 2018. Now, more are emerging as ocean conservation becomes a greater priority for global sustainability efforts.
By Narmin Nahidi, assistant professor in finance at the University of Exeter
Carbon border adjustment mechanism
Did you know that imported steel could soon face a carbon tax at the EU border? That’s because the carbon border adjustment mechanism is about to shake up the way we trade, produce and price carbon.
The carbon border adjustment mechanism is a proposed EU policy to put a carbon price on imports like iron, cement, fertiliser, aluminium and electricity. If a product is made in a country with weaker climate policies, the importer must pay the difference between that country’s carbon price and the EU’s. The goal is to avoid “carbon leakage” – when companies relocate to avoid emissions rules and to ensure fair competition on climate action.
But this mechanism is more than just a tariff tool. It’s a bold attempt to reshape global trade. Countries exporting to the EU may be pushed to adopt greener manufacturing or face higher tariffs.
The carbon border adjustment mechanism is controversial: some call it climate protectionism, others argue it could incentivise low-carbon innovation worldwide and be vital for achieving climate justice. Many developing nations worry it could penalise them unfairly unless there’s climate finance to support greener transitions.
Carbon border adjustment mechanism is still evolving, but it’s already forcing companies, investors and governments to rethink emissions accounting, supply chains and competitiveness. It’s a carbon price with global consequences.
By Narmin Nahidi, assistant professor in finance at the University of Exeter
Carbon budget
The Paris agreement aims to limit global warming to 1.5°C above pre-industrial levels by 2030. The carbon budget is the maximum amount of CO₂ emissions allowed, if we want a 67% chance of staying within this limit. The Intergovernmental Panel on Climate Change (IPCC) estimates that the remaining carbon budgets amount to 400 billion tonnes of CO₂ from 2020 onwards.
Think of the carbon budget as a climate allowance. Once it has been spent, the risk of extreme weather or sea level rise increases sharply. If emissions continue unchecked, the budget will be exhausted within years, risking severe climate consequences. The IPCC sets the global carbon budget based on climate science, and governments use this framework to set national emission targets, climate policies and pathways to net zero emissions.
By Dongna Zhang, assistant professor in economics and finance, Northumbria University
Carbon credits
Carbon credits are like a permit that allow companies to release a certain amount of carbon into the air. One credit usually equals one tonne of CO₂. These credits are issued by the local government or another authorised body and can be bought and sold. Think of it like a budget allowance for pollution. It encourages cuts in carbon emissions each year to stay within those global climate targets.
The aim is to put a price on carbon to encourage cuts in emissions. If a company reduces its emissions and has leftover credits, it can sell them to another company that is going over its limit. But there are issues. Some argue that carbon credit schemes allow polluters to pay their way out of real change, and not all credits are from trustworthy projects. Although carbon credits can play a role in addressing the climate crisis, they are not a solution on their own.
By Sankar Sivarajah, professor of circular economy, Kingston University London
Carbon credits explained.
Carbon offsetting
Carbon offsetting is a way for people or organisations to make up for the carbon emissions they are responsible for. For example, if you contribute to emissions by flying, driving or making goods, you can help balance that out by supporting projects that reduce emissions elsewhere. This might include planting trees (which absorb carbon dioxide) or building wind farms to produce renewable energy.
The idea is that your support helps cancel out the damage you are doing. For example, if your flight creates one tonne of carbon dioxide, you pay to support a project that removes the same amount.
While this sounds like a win-win, carbon offsetting is not perfect. Some argue that it lets people feel better without really changing their behaviour, a phenomenon sometimes referred to as greenwashing.
Not all projects are effective or well managed. For instance, some tree planting initiatives might have taken place anyway, even without the offset funding, deeming your contribution inconsequential. Others might plant the non-native trees in areas where they are unlikely to reach their potential in terms of absorbing carbon emissions.
So, offsetting can help, but it is no magic fix. It works best alongside real efforts to reduce greenhouse gas emissions and encourage low-carbon lifestyles or supply chains.
By Sankar Sivarajah, professor of circular economy, Kingston University London
Carbon offsetting explained.
Carbon tax
A carbon tax is designed to reduce greenhouse gas emissions by placing a direct price on CO₂ and other greenhouse gases.
A carbon tax is grounded in the concept of the social cost of carbon. This is an estimate of the economic damage caused by emitting one tonne of CO₂, including climate-related health, infrastructure and ecosystem impacts.
A carbon tax is typically levied per tonne of CO₂ emitted. The tax can be applied either upstream (on fossil fuel producers) or downstream (on consumers or power generators). This makes carbon-intensive activities more expensive, it incentivises nations, businesses and people to reduce their emissions, while untaxed renewable energy becomes more competitively priced and appealing.
Carbon tax was first introduced by Finland in 1990. Since then, more than 39 jurisdictions have implemented similar schemes. According to the World Bank, carbon pricing mechanisms (that’s both carbon taxes and emissions trading systems) now cover about 24% of global emissions. The remaining 76% are not priced, mainly due to limited coverage in both sectors and geographical areas, plus persistent fossil fuel subsidies. Expanding coverage would require extending carbon pricing to sectors like agriculture and transport, phasing out fossil fuel subsidies and strengthening international governance.
What is carbon tax?
Sweden has one of the world’s highest carbon tax rates and has cut emissions by 33% since 1990 while maintaining economic growth. The policy worked because Sweden started early, applied the tax across many industries and maintained clear, consistent communication that kept the public on board.
Canada introduced a national carbon tax in 2019. In Canada, most of the revenue from carbon taxes is returned directly to households through annual rebates, making the scheme revenue-neutral for most families. However, despite its economic logic, inflation and rising fuel prices led to public discontent – especially as many citizens were unaware they were receiving rebates.
Carbon taxes face challenges including political resistance, fairness concerns and low public awareness. Their success depends on clear communication and visible reinvestment of revenues into climate or social goals. A 2025 study that surveyed 40,000 people in 20 countries found that support for carbon taxes increases significantly when revenues are used for environmental infrastructure, rather than returned through tax rebates.
By Meilan Yan, associate professor and senior lecturer in financial economics, Loughborough University
Climate resilience
Floods, wildfires, heatwaves and rising seas are pushing our cities, towns and neighbourhoods to their limits. But there’s a powerful idea that’s helping cities fight back: climate resilience.
Resilience refers to the ability of a system, such as a city, a community or even an ecosystem – to anticipate, prepare for, respond to and recover from climate-related shocks and stresses.
Sometimes people say resilience is about bouncing back. But it’s not just about surviving the next storm. It’s about adapting, evolving and thriving in a changing world.
Resilience means building smarter and better. It means designing homes that stay cool during heatwaves. Roads that don’t wash away in floods. Power grids that don’t fail when the weather turns extreme.
It’s also about people. A truly resilient city protects its most vulnerable. It ensures that everyone – regardless of income, age or background – can weather the storm.
And resilience isn’t just reactive. It’s about using science, local knowledge and innovation to reduce a risk before disaster strikes. From restoring wetlands to cool cities and absorb floods, to creating early warning systems for heatwaves, climate resilience is about weaving strength into the very fabric of our cities.
By Paul O’Hare, senior lecturer in geography and development, Manchester Metropolitan University
The meaning of climate resilience.
Climate risk disclosure
Climate risk disclosure refers to how companies report the risks they face from climate change, such as flood damage, supply chain disruptions or regulatory costs. It includes both physical risks (like storms) and transition risks (like changing laws or consumer preferences).
Mandatory disclosures, such as those proposed by the UK and EU, aim to make climate-related risks transparent to investors. Done well, these reports can shape capital flows toward more sustainable business models. Done poorly, they become greenwashing tools.
By Narmin Nahidi, assistant professor in finance at the University of Exeter
Emissions trading scheme
An emissions trading scheme is the primary market-based approach for regulating greenhouse gas emissions in many countries, including Australia, Canada, China and Mexico.
Part of a government’s job is to decide how much of the economy’s carbon emissions it wants to avoid in order to fight climate change. It must put a cap on carbon emissions that economic production is not allowed to surpass. Preferably, the polluters (that’s the manufacturers, fossil fuel companies) should be the ones paying for the cost of climate mitigation.
Regulators could simply tell all the firms how much they are allowed to emit over the next ten years or so. But giving every firm the same allowance across the board is not cost efficient, because avoiding carbon emissions is much harder for some firms (such as steel producers) than others (such as tax consultants). Since governments cannot know each firm’s specific cost profile either, it can’t customise the allowances. Also, monitoring whether polluters actually abide by their assigned limits is extremely costly.
An emissions trading scheme cleverly solves this dilemma using the cap-and-trade mechanism. Instead of assigning each polluter a fixed quota and risking inefficiencies, the government issues a large number of tradable permits – each worth, say, a tonne of CO₂-equivalent (CO₂e) – that sum up to the cap. Firms that can cut greenhouse gas emissions relatively cheaply can then trade their surplus permits to those who find it harder – at a price that makes both better off.
By Mathias Weidinger, environmental economist, University of Oxford
Emissions trading schemes, explained by climate finance expert Mathias Weidinger.
Environmental, social and governance (ESG) investing
ESG investing stands for environmental, social and governance investing. In simple terms, these are a set of standards that investors use to screen a company’s potential investments.
ESG means choosing to invest in companies that are not only profitable but also responsible. Investors use ESG metrics to assess risks (such as climate liability, labour practices) and align portfolios with sustainability goals by looking at how a company affects our planet and treats its people and communities. While there isn’t one single global body governing ESG, various organisations, ratings agencies and governments all contribute to setting and evolving these metrics.
For example, investing in a company committed to renewable energy and fair labour practices might be considered “ESG aligned”. Supporters believe ESG helps identify risks and create long-term value. Critics argue it can be vague or used for greenwashing, where companies appear sustainable without real action. ESG works best when paired with transparency and clear data. A barrier is that standards vary, and it’s not always clear what counts as ESG.
Why do financial companies and institutions care? Issues like climate change and nature loss pose significant risks, affecting company values and the global economy.
However, gathering reliable ESG information can be difficult. Companies often self-report, and the data isn’t always standardised or up to date. Researchers – including my team at the University of Oxford – are using geospatial data, like satellite imagery and artificial intelligence, to develop global databases for high-impact industries, across all major sectors and geographies, and independently assess environmental and social risks and impacts.
For instance, we can analyse satellite images of a facility over time to monitor its emissions effect on nature and biodiversity, or assess deforestation linked to a company’s supply chain. This allows us to map supply chains, identify high-impact assets, and detect hidden risks and opportunities in key industries, providing an objective, real-time look at their environmental footprint.
The goal is for this to improve ESG ratings and provide clearer, more consistent insights for investors. This approach could help us overcome current data limitations to build a more sustainable financial future.
By Amani Maalouf, senior researcher in spatial finance, University of Oxford
Environmental, social and governance investing explained.
Financed emissions
Financed emissions are the greenhouse gas emissions linked to a bank’s or investor’s lending and investment portfolio, rather than their own operations. For example, a bank that funds a coal mine or invests in fossil fuels is indirectly responsible for the carbon those activities produce.
Measuring financed emissions helps reveal the real climate impact of financial institutions not just their office energy use. It’s a cornerstone of climate accountability in finance and is becoming essential under net zero pledges.
By Narmin Nahidi, assistant professor in finance at the University of Exeter
Green bonds
Green bonds are loans issued to fund environmentally beneficial projects, such as energy-efficient buildings or clean transportation. Investors choose them to support climate solutions while earning returns.
Green bonds are a major tool to finance the shift to a low-carbon economy by directing finance toward climate solutions. As climate costs rise, green bonds could help close the funding gap while ensuring transparency and accountability.
Green bonds are required to ensure funds are spent as promised. For instance, imagine a city wants to upgrade its public transportation by adding electric buses to reduce pollution. Instead of raising taxes or slashing other budgets, the city can issue green bonds to raise the necessary capital. Investors buy the bonds, the city gets the funding, and the environment benefits from cleaner air and fewer emissions.
The growing participation of government issuers has improved the transparency and reliability of these investments. The green bond market has grown rapidly in recent years. According to the Bank for International Settlements, the green bond market reached US$2.9 trillion (£2.1 trillion) in 2024 – nearly six times larger than in 2018. At the same time, annual issuance (the total value of green bonds issued in a year) hit US$700 billion, highlighting the increasing role of green finance in tackling climate change.
By Dongna Zhang, assistant professor in economics and finance, Northumbria University
Just transition
Just transition is the process of moving to a low-carbon society that is environmentally sustainable and socially inclusive. In a broad sense, a just transition means focusing on creating a more fair and equal society.
Just transition has existed as a concept since the 1970s. It was originally applied to the green energy transition, protecting workers in the fossil fuel industry as we move towards more sustainable alternatives.
These days, it has so many overlapping issues of justice hidden within it, so the concept is hard to define. Even at the level of UN climate negotiations, global leaders struggle to agree on what a just transition means.
The big battle is between developed countries, who want a very restrictive definition around jobs and skills, and developing countries, who are looking for a much more holistic approach that considers wider system change and includes considerations around human rights, Indigenous people and creating an overall fairer global society.
A just transition is essentially about imagining a future where we have moved beyond fossil fuels and society works better for everyone – but that can look very different in a European city compared to a rural setting in south-east Asia.
For example, in a British city it might mean fewer cars and better public transport. In a rural setting, it might mean new ways of growing crops that are more sustainable, and building homes that are heatwave resistant.
By Alix Dietzel, climate justice and climate policy expert, University of Bristol
The meaning of just transition.
Loss and damage
A global loss and damage fund was agreed by nations at the UN climate summit (Cop27) in 2022. This means that the rich countries of the world put money into a fund that the least developed countries can then call upon when they have a climate emergency.
At the moment, the loss and damage fund is made up of relatively small pots of money. Much more will be needed to provide relief to those who need it most now and in the future.
By Mark Maslin, professor of earth system science, UCL
Mark Maslin explains loss and damage.
Mitigation v adaptation
Mitigation means cutting greenhouse gas emissions to slow climate change. Adaptation means adjusting to its effects, like building sea walls or growing heat-resistant crops. Both are essential: mitigation tackles the cause, while adaptation tackles the symptoms.
Globally, most funding goes to mitigation, but vulnerable communities often need adaptation support most. Balancing the two is a major challenge in climate policy, especially for developing countries facing immediate climate threats.
By Narmin Nahidi, assistant professor in finance at the University of Exeter
Nationally determined contributions
Nationally determined contributions (NDCs) are at the heart of the Paris agreement, the global effort to collectively combat climate change. NDCs are individual climate action plans created by each country. These targets and strategies outline how a country will reduce its greenhouse gas emissions and adapt to climate change.
Each nation sets its own goals based on its own circumstances and capabilities – there’s no standard NDC. These plans should be updated every five years and countries are encouraged to gradually increase their climate ambitions over time.
The aim is for NDCs to drive real action by guiding policies, attracting investment and inspiring innovation in clean technologies. But current NDCs fall short of the Paris agreement goals and many countries struggle to turn their plans into a reality. NDCs also vary widely in scope and detail so it’s hard to compare efforts across the board. Stronger international collaboration and greater accountability will be crucial.
By Doug Specht, reader in cultural geography and communication, University of Westminster
Fashion depends on water, soil and biodiversity – all natural capital. And forward-thinking designers are now asking: how do we create rather than deplete, how do we restore rather than extract?
Natural capital is the value assigned to the stock of forests, soils, oceans and even minerals such as lithium. It sustains every part of our economy. It’s the bees that pollinate our crops. It’s the wetlands that filter our water and it’s the trees that store carbon and cool our cities.
If we fail to value nature properly, we risk losing it. But if we succeed, we unlock a future that is not only sustainable but also truly regenerative.
My team at the University of Oxford is developing tools to integrate nature into national balance sheets, advising governments on biodiversity, and we’re helping industries from fashion to finance embed nature into their decision making.
Natural capital, explained by a climate finance expert.
By Mette Morsing, professor of business sustainability and director of the Smith School of Enterprise and the Environment, University of Oxford
Net zero
Reaching net zero means reducing the amount of additional greenhouse gas emissions that accumulate in the atmosphere to zero. This concept was popularised by the Paris agreement, a landmark deal that was agreed at the UN climate summit (Cop21) in 2015 to limit the impact of greenhouse gas emissions.
There are some emissions, from farming and aviation for example, that will be very difficult, if not impossible, to reach absolute zero. Hence, the “net”. This allows people, businesses and countries to find ways to suck greenhouse gas emissions out of the atmosphere, effectively cancelling out emissions while trying to reduce them. This can include reforestation, rewilding, direct air capture and carbon capture and storage. The goal is to reach net zero: the point at which no extra greenhouse gases accumulate in Earth’s atmosphere.
By Mark Maslin, professor of earth system science, UCL
Mark Maslin explains net zero.
For more expert explainer videos, visit The Conversation’s quick climate dictionary playlist here on YouTube.
Mark Maslin is Pro-Vice Provost of the UCL Climate Crisis Grand Challenge and Founding Director of the UCL Centre for Sustainable Aviation. He was co-director of the London NERC Doctoral Training Partnership and is a member of the Climate Crisis Advisory Group. He is an advisor to Sheep Included Ltd, Lansons, NetZeroNow and has advised the UK Parliament. He has received grant funding from the NERC, EPSRC, ESRC, DFG, Royal Society, DIFD, BEIS, DECC, FCO, Innovate UK, Carbon Trust, UK Space Agency, European Space Agency, Research England, Wellcome Trust, Leverhulme Trust, CIFF, Sprint2020, and British Council. He has received funding from the BBC, Lancet, Laithwaites, Seventh Generation, Channel 4, JLT Re, WWF, Hermes, CAFOD, HP and Royal Institute of Chartered Surveyors.
Amani Maalouf receives funding from IKEA Foundation and UK Research and Innovation (NE/V017756/1).
Narmin Nahidi is affiliated with several academic associations, including the Financial Management Association (FMA), British Accounting and Finance Association (BAFA), American Finance Association (AFA), and the Chartered Association of Business Schools (CMBE). These affiliations do not influence the content of this article.
Paul O’Hare receives funding from the UK’s Natural Environment Research Council (NERC). Award reference NE/V010174/1.
Alix Dietzel, Dongna Zhang, Doug Specht, Mathias Weidinger, Meilan Yan, and Sankar Sivarajah do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
Source: The Conversation – Canada – By Faisal Shennib, Environmental Specialist, 24-25 Concordia Public Scholar, PhD Candidate in Individualized Program, Concordia University
And compared to national waste tracking, localized waste tracking could also provide more timely and relevant insights on the effectiveness of policies, infrastructure investments and education.
Measuring waste
The units for measuring waste are fairly standard across the world. Quantity of waste is measured by weight (tonnes) and waste performance is the per cent of total waste not sent for landfill and incineration.
However, waste terminology varies across both academia and industry. In some settings, “recycling” may mean that the material was collected for recycling, but not necessarily recycled. A term like “municipal waste” can include waste from offices and businesses — or not. This confusion makes global waste tracking challenging.
Regular global reporting on waste is sorely lacking. The United Nations’ Sustainable Development Goals (SDGs) call for global action on waste management, but there have been no figures for global recycling in recent UN SDG reports. This is likely due to the lack of available, reliable data.
Reports on global waste are compiled from sources using a wide variety of formats; a source may represent annual or daily waste, and total waste or waste per capita. Data is often from different years, making it useful for trend analysis but not strict comparisons.
Estimations and incomplete data are common; only 39 per cent of populations in developing countries are served by waste collection services. Double-counting is another risk when data comes from varied sources like waste collectors, processors and local governments.
With all these challenges, global waste reports require years to compile, leading to multiyear gaps in published reports.
Insufficient data
Even nations with consistent reporting are not immune to methodological gaps. The European Union and Canada both require annual reporting on waste, but allow for a wide variety of methods in data sourcing, including estimation.
In the United States, annual waste data is reported by states to the Environmental Protection Agency (EPA) on a voluntary basis. No new nationwide reports have been published since 2018.
Reliable waste characterization requires the waste to be audited: sampled, weighed, separated into categories, and then weighed again. It’s a labour-intensive and cost-prohibitive process, which might explain why American states haven’t provided updated waste characterizations to the EPA since 2018.
Estimating recycling stats
The oft-cited fact that nine per cent of global plastics are recycled comes from a 2022 report. It was calculated in several steps, each with significant uncertainties, including how much plastic was produced globally, how long it was used for, and how much was collected and likely to have been recycled.
The nine per cent figure is very much an estimate, representing global plastic waste in 2019. And now, it is an outdated figure.
In South Korea, for example, a country renowned for its waste policies and programs, reports a 73 per cent recycling rate for plastics, while Greenpeace estimates that the rate is 26 per cent because much of what is collected is not recycled.
In Canada, plastic recycling tracking suffers from the same lack of standardization and transparency as recycling in general.
A much-needed global consensus
Material consumption and management is a global problem requiring international collaboration, commitments and adequate tracking.
Faisal Shennib does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Loan to support micro and small enterprises, green investments, and women-led businesses
In a move to boost inclusive and sustainable development across Moldova, the Black Sea Trade and Development Bank (BSTDB) has extended a EUR 3 million Combined MSME, Green and Gender Equality Credit Line to Prime Capital, BSTDB existing partner since 2021. The loan will further deepen the partnership, including by diversification of use of proceeds to facilitate access to finance for important economic purposes.
BSTDB financing will strengthen Prime Capital’s capacity to support micro, small and medium-sized enterprises (MSMEs)—a backbone of the Moldovan economy and will also target green investments and women-led businesses, areas that are increasingly vital for long-term resilience and social equity.
The funds will be channeled into Prime Capital’s dedicated programmes that focus on energy efficiency and women in business, helping scale up initiatives that are already making an impact at domestic level. By strengthening these targeted initiatives, the BSTDB contributes to the broader goals of climate resilience, social equity, and regional development.
Commenting on the deal, Dr. Serhat Köksal, President, said: “This financing reflects our strong commitment to support micro, small and medium entrepreneurs, fostering greater opportunities for women-led businesses, and accelerating the green transition. By partnering with Prime Capital, we are helping ensure that capital reaches those who can drive inclusive and sustainable growth in Moldova and bolster economic resilience across the Black Sea Region.”
“We are proud to strengthen our partnership with the Black Sea Trade and Development Bank through this expanded facility, which will help us deliver on our mission to empower Moldova’s entrepreneurs—especially women and those championing green innovation. This funding is not only timely but also strategic, as it enables us to extend credit to areas with the greatest transformative potential: MSMEs, sustainable energy, and gender-inclusive business growth. By aligning with BSTDB’s regional development goals, we are helping build a more resilient, inclusive, and future-ready Moldovan economy.” – said Carmina Vicol, CEO of Prime Capital.
OCN Prime Capital SRLis one of the leading microfinance companies in Moldova. As of end-September 2024, Prime Capital reported total assets of USD 21.7 million and total equity of USD 14.3 million with capitalization ratio of 66%. Prime Capital is the 11th largest microfinance company in Moldova (out of 118 non-bank financial institutions). The Company’s head office and microlending office are based in Chisinau, two branches are located in the north and south of the country and it has 52 employees.
The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. For information on BSTDB, visit www.bstdb.org.
Loan to support micro and small enterprises, green investments, and women-led businesses
In a move to boost inclusive and sustainable development across Moldova, the Black Sea Trade and Development Bank (BSTDB) has extended a EUR 3 million Combined MSME, Green and Gender Equality Credit Line to Prime Capital, BSTDB existing partner since 2021. The loan will further deepen the partnership, including by diversification of use of proceeds to facilitate access to finance for important economic purposes.
BSTDB financing will strengthen Prime Capital’s capacity to support micro, small and medium-sized enterprises (MSMEs)—a backbone of the Moldovan economy and will also target green investments and women-led businesses, areas that are increasingly vital for long-term resilience and social equity.
The funds will be channeled into Prime Capital’s dedicated programmes that focus on energy efficiency and women in business, helping scale up initiatives that are already making an impact at domestic level. By strengthening these targeted initiatives, the BSTDB contributes to the broader goals of climate resilience, social equity, and regional development.
Commenting on the deal, Dr. Serhat Köksal, President, said: “This financing reflects our strong commitment to support micro, small and medium entrepreneurs, fostering greater opportunities for women-led businesses, and accelerating the green transition. By partnering with Prime Capital, we are helping ensure that capital reaches those who can drive inclusive and sustainable growth in Moldova and bolster economic resilience across the Black Sea Region.”
“We are proud to strengthen our partnership with the Black Sea Trade and Development Bank through this expanded facility, which will help us deliver on our mission to empower Moldova’s entrepreneurs—especially women and those championing green innovation. This funding is not only timely but also strategic, as it enables us to extend credit to areas with the greatest transformative potential: MSMEs, sustainable energy, and gender-inclusive business growth. By aligning with BSTDB’s regional development goals, we are helping build a more resilient, inclusive, and future-ready Moldovan economy.” – said Carmina Vicol, CEO of Prime Capital.
OCN Prime Capital SRLis one of the leading microfinance companies in Moldova. As of end-September 2024, Prime Capital reported total assets of USD 21.7 million and total equity of USD 14.3 million with capitalization ratio of 66%. Prime Capital is the 11th largest microfinance company in Moldova (out of 118 non-bank financial institutions). The Company’s head office and microlending office are based in Chisinau, two branches are located in the north and south of the country and it has 52 employees.
The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. For information on BSTDB, visit www.bstdb.org.
Source: The Conversation – Canada – By Daphne Rena Idiz, Postdoctoral fellow, Department of Arts, Culture and Media, University of Toronto
What should count as Canadian content (CanCon) in the era of streaming and generative AI (GenAI)?
That’s the biggest unknown at the heart of the Canadian Radio-television and Telecommunications Commission’s recent (CRTC) public hearing, held in Gatineau, Que., from May 14 to 27.
The debate is about how Canada’s current points-based CanCon system remains effective in the context of global streaming giants and generative AI. Shows qualify as CanCon by assigning value to roles like director, screenwriter and lead actors being Canadian.
The outcome will shape who gets to tell Canadian stories and what those stories are, and also which ones count as Canadian under the law. This, in turn, will determine who in the film and television industries can access funding, tax credits and visibility on streaming services.
It will also determine which Canadian productions big streamers like Netflix will invest in under their Online Streaming Act obligations.
The federal government’s recent announcement that it’s rescinding the Digital Services Tax reveals the limits of Canada’s leverage over Big Tech, underscoring the significance of CanCon rules as parameters around how streaming giants contribute meaningfully to the country’s creative industries.
CanCon: Who gets to decide?
The CRTC’s existing approach to defining CanCon relies on the citizenship of key creative personnel.
The National Film Board argued that this misses the “cultural elements” of Canadian storytelling. These include cultural expression, narrative themes and connection to Canadian audiences. That is, a production might technically count as CanCon by hiring Canadians, without feeling particularly “Canadian.”
The acts empower broadcasters and streamers to decide which Canadian stories and content will be developed, produced and distributed through commissioning and licensing powers. This implicitly limits the CRTC’s role to setting rules about which creatives are at the table.
The Writer’s Guild advocates broadening the pool of Canadian key creatives to modernize the CanCon system. It trusts the combined perspectives of a broader pool to make creative decisions about Canadian identity in meaningful ways. Accordingly, it supports the CRTC’s intent to add the showrunner role to the point system since showrunners are the “the chief custodian of the creative vision of a series.”
Battle over Canadian IP
Streaming introduces more players with financial stakes, complicating who controls content and who profits from it. A seismic shift is happening in how intellectual property (IP) is handled.
CRTC has proposed that the updated CanCon definition include Canadian IP ownership as a mandatory element to enable Canadian companies and workers to retain some control over their own IP, and thereby earn sustainable income. For example, in a streaming drama, Canadian screenwriters who retain ownership of the IP could earn ongoing revenue through licensing deals, international sales and royalties each time the series is distributed.
However, the Motion Picture Association-Canada (MPA-Canada), representing industry titans like Netflix, Amazon and Disney, is pushing back against requirements that mandate the sharing of territory or IP.
Without IP rights, Canadian talent and the industry as a whole may be reduced to becoming service providers for global companies.
Intervenors shared a range of preferences from 100 per cent Canadian IP ownership to none at all. One hundred per cent Canadian IP ownership means Canadian creators like a producer of a streaming series would control the rights to the content. They would receive the majority of profits from licensing, distribution and future adaptations.
Even 51 per cent ownership could give them a controlling stake, but would likely require sharing revenue and decision-making with the streaming service.
AI and CanCon
And then, of course, there’s the question of how generative AI should be considered within the updated CanCon definition. The Writers Guild of Canada has drawn a firm line in the sand: AI-generated material should not qualify as Canadian content.
The guild argues that since current AI tools don’t possess identity, nationality or cultural context, their output cannot advance the goals of the Broadcasting Act, centred on promoting Canadian voices and stories.
The Alliance of Canadian Cinema, Television and Radio Artists (ACTRA) raised a different concern around AI. AI, ACTRA argued, “should not take over the jobs of the creators in the ecosystem that we’re in and we should not treat AI-generated performers as if they are a Canadian actor.”
Depending on how the CRTC addresses AI, this could mean that streaming content featuring AI-generated scripts, characters, or performances — even if developed by a Canadian creator or set in Canada — would not qualify as CanCon.
The WGC notes that it has already negotiated restrictions on AI use in screenwriting through its agreement with the Canadian Media Producers Association. These guardrails are being held up as the “emerging industry standard.”
Follow the money
Another contested point is how streamers should pay into CanCon: through direct investment or through more traditional modes of financing. Under the Online Streaming Act, streamers are required to pay five per cent of their annual revenues to certain Canadian funds.
This model echoes previous requirements used to manage decision-making at media broadcasters, some at the much more substantial level of 30 per cent.
Research in the European Union and Canada highlight how different stakeholders benefit from different forms of financial obligations, suggesting the industry may be best served by a policy mix.
As Canada rewrites its broadcasting rules, defining Canadian content is a courtroom drama unfolding in real time — and the verdict will have serious ramifications.
MaryElizabeth Luka receives research project funding from peer-adjudicated grants from the Social Sciences and Humanities Research Council and internal grants at University of Toronto, such as the Creative Labour Critical Futures Cluster of Scholarly Prominence.
Daphne Rena Idiz does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
The Parker administration says it will issue $800 million in bonds over the next four years to fund affordable housing.Jeff Fusco/The Conversation, CC BY-NC-SA
Often, only city treasurers and the finance committees of city councils pay attention to the details behind these municipal bonds.
As a law professor who studies the social impact of municipal bonds, I believe it’s important that city residents understand how these bonds work as well.
While municipal bonds are integral to the city’s effort to increase access to affordable and market-rate housing, they can include hidden costs and requirements that raise prices in ways that make city services unaffordable for lower-income residents.
The Parker administration has vowed to create or preserve 30,000 affordable housing units in Philly through new construction, rehabilitation and expanded rental assistance. Jeff Fusco/The Conversation, CC BY-SA
How municipal bonds work
Most people are aware that companies sell shares on the stock market to raise capital. State and local governments do the same thing in the form of municipal bonds, which help them raise money to cover their expenses and to finance infrastructure projects.
These bonds are a form of debt. Investors can purchase an interest in the bond and, in exchange, the local government promises to pay the money back with interest in a specified time period. The money from investors functions like a loan to the government.
Municipal bonds are often used so that one generation of taxpayers is not having to bear the full cost of a project that will benefit multiple generations of residents. The cost of building a bridge, for example, which will be in use for decades, can be spread out over 30 years so that residents pay back the loan slowly over time rather than saddle residents with huge tax increases one year to cover the cost.
However, the cost of borrowing pushes up the cost of projects by adding interest payments the same way a mortgage adds to the overall cost of buying a house. Overall, the market and state and local governments have historically viewed this cost as a worthy trade-off.
Some municipal bonds have limits
The Parker administration has several options when it comes to raising capital on the municipal market.
The most common method is through general obligation bonds, which are backed by the city’s authority to impose and collect taxes. Bondholders rely on the city’s “full faith and credit” to assure them that if the city has difficulty paying back the debt, the city will raise taxes on residents to secure the payment.
The city plans to use general obligation bonds to help fund its affordable housing plan, but there are limits on how much it can borrow this way. The state constitution limits Philadelphia’s ability to incur debt to a total of 13.5% of the value of its assessed taxable real estate, based on an average of this amount for the preceding 10 years.
Philadelphia is more affordable than several other big U.S. cities, according to a 2020 report from the Pew Charitable Trusts, but it has a high poverty rate. Jeff Fusco/The Conversation, CC BY-SA
Philly has another option
The city, however, also has the authority to take on another form of debt: revenue bonds. Revenue bonds rely on specific sources of revenue instead of the government’s taxing power. Jurisdictions issue revenue bonds to fund particular projects or services – usually ones that generate income from fees paid by users.
For example, a publicly owned water utility or electric company relies on water and sewage fees or electricity rates and charges to pay back their revenue bonds. Likewise, a transportation authority will rely on tolls to pay back revenue bonds issued to build a toll road, such as the Pennsylvania Turnpike.
Under state law, revenue bonds are “non-debt debts.” They are not debts owed by the city, because the city has not promised to repay the debt through the use of its own taxing powers. Instead, the people who pay the fees to use the service are paying back the debt.
Since states began to place stricter limits on debt in the wake of the Great Depression in the 1930s, cities across the U.S. have increasingly used revenue bonds to get around state debt limits and still fund valuable public services, including affordable housing projects.
When another government entity – rather than the city – issues the bond, and the city pays them a service fee for doing so, it’s a form of what’s called conduit debt. That obligation to pay the service fee to the other government entity is the conduit debt that the city pays out of its general fund.
From fiscal years 2012 to 2021, the city’s outstanding debt from general obligation bonds paid for out of its general fund was between $1.3 billion to $1.7 billion per year. However, the city’s conduit debt outstripped that number every year, ranging from $1.8 billion to nearly $2.3 billion. In more recent years, conduit debt has been less than the city’s debt from general obligation bonds.
The city keeps conduit debt on its books – and is obligated to pay it back – even though it comes from bonds issued by the development authorities, because these debts loop back to the city. In the bonds issued by these agencies, the city actually becomes like a client of the agency. The city is typically obligated to pay the agency service fees as part of a contractual obligation that cannot be canceled.
The revenue on which the development agencies’ bonds rely, the money from which bondholders expect to be paid back, does not come from fees that residents pay out of their own pocket – for example through ticket sales from a sports stadium built with revenue bonds. The money instead comes out of the city’s treasury.
A loophole to affordable housing
Essentially this is a loophole for the city to bypass debt limits set for Philadelphia in the state constitution. Sometimes creativity in government requires using loopholes to get the job done – to get to yes instead of a stalemate.
Consider this analogy. Say your sister takes out a bank loan to buy a car for you because your credit limit is maxed out. She is relying on you to pay her back, and she uses your payment to pay the bank. But if you don’t pay her back, she’s not responsible by law for paying the bank herself. So, it’s your debt, but she is the conduit.
If the city holds itself accountable, it can use conduit debt responsibly to make affordable housing construction a reality.
The mayor’s office did not respond to my questions about whether they plan to use conduit debt issued by a development authority, whether that conduit debt would include service fees, and what funds would be used to pay those fees.
In its quest to increase access to affordable housing, the Parker administration should, in my view, be mindful of limiting the service fees it agrees to pay – which have no legally prescribed limits – and also account for where it will find income to cover these costs. For example, will it come from the sale of city-owned land? Fees charged to developers? Or some other source?
Otherwise, taxpayers may be left to foot a bill that is essentially unlimited.
Jade Craig does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Source: The Conversation – USA – By Reid Kress Weisbord, Distinguished Professor of Law and Judge Norma Shapiro Scholar, Rutgers University – Newark
Musician Jimmy Buffett and his wife, Jane Slagsvol, attend a Lincoln Center for the Performing Arts event in 2018 in New York. Evan Agostini/Invision via AP
Lawyers often tell their clients that everyone should have a will that clearly states who should inherit their assets after they die. But even having a will is not necessarily enough to avoid a costly and contentious legal dispute.
Consider what happened after Jimmy Buffett died of skin cancer at the age of 76 in 2023. The singer and entrepreneurial founder of the Margaritaville brand ordered in his will that his fortune be placed in a trust after his death. To manage the trust, Buffett named two co-trustees: his widow, Jane Slagsvol, and Richard Mozenter, an accountant who had served as the singer’s financial adviser for more than three decades.
In dueling petitions filed in Los Angeles and Palm Beach, Florida, in June 2025, however, Slagsvol – identified as Jane Buffett in her legal filing – and Mozenter are both seeking to remove each other as a trustee.
As law professors who specialize in trusts and estates, we teach graduate courses about the transfer of property during life and at death. We believe that the Buffett dispute offers a valuable lesson for anyone with an estate, large or small. And choosing the right person to manage the assets you leave behind can be just as important as selecting who will inherit your property.
Buffett’s business empire
Buffett’s estate includes valuable intellectual property from his hit songs, including “It’s 5 O’Clock Somewhere,” “Oldest Surfer on the Beach” and “Cheeseburger in Paradise.” Buffett’s albums have sold more than 20 million copies worldwide and continue to generate some $20 million annually in royalties. Buffett also owned a yacht, real estate, airplanes, fancy watches and valuable securities.
According to Slagsvol’s petition, Buffett’s trust was set up to benefit his widow. Slagsvol, who married Buffett in 1977, is one of two trustees of that trust, which is required to have at least one “independent trustee” in addition to her “at all times.” That requirement is stated expressly in Buffett’s trust declaration.
Slagsvol receives all income earned by the trust – an estate-planning technique for giving away property managed by a trustee on behalf of the trust beneficiaries – for the rest of her life. She can also receive additional trust funds for her health care, living expenses and “any other purpose” that the independent trustee – Mozenter, as of July 2025 – deems to be in Slagsvol’s best interests.
The estate plan also created separate trusts for their three children: Savannah, Sarah “Delaney” and Cameron Buffett, who are in their 30s and 40s. Each child reportedly received $2 million upon Jimmy’s death. When Slagsvol dies, she can decide who will receive any remaining assets from among Buffett’s descendants and charities.
The structure of Buffett’s plan is popular among wealthy married couples. It provides lifelong support for the surviving spouse while ensuring that their kids and grandchildren can inherit the remainder of their estate – even if that spouse remarries. This type of trust typically cannot be changed by the surviving spouse without court approval.
If you’re fortunate enough to reach your golden years with a sizable nest egg, it helps your loved ones if you can draft a detailed will. You might also want to consider establishing a trust. Maskot/Getty Images
Dueling trustee removal petitions
Slagsvol is trying to remove Mozenter as the trust’s independent trustee.
She claims he refused to comply with her requests for financial information, failed to cooperate with her as her co-trustee, and hired a trust attorney who pressured her to resign as trustee. Slagsvol also raised numerous questions about the trust’s income projections and compensation paid to Mozenter for his services.
Mozenter’s petition, filed in Florida, is not available to the public. According to media coverage of this dispute, he seeks to remove Slagsvol as trustee. He claims that, during his decades-long role as Buffett’s financial adviser, the musician “expressed concerns about his wife’s ability to manage and control his assets after his death.”
That led Buffett to establish a trust, Mozenter asserted, “in a manner that precluded Jane from having actual control” over it.
Estate planning lessons
We believe that the public can learn two important estate planning lessons from this dispute.
First, anyone planning to leave an estate, whether modest or vast, needs to choose the right people to manage the transfer of their property after their death.
That might mean picking a professional executor or trustee who is not related to you. A professional may be more likely to remain neutral should any disputes arise within the family, but hiring one can saddle the estate with costly fees.
An alternative is to choose a relative or trusted friend who is willing to do this for free. About 56% of wills name an adult child or grandchild as executor, according to a recent study. Some estates, like Buffett’s trust, name both a professional and a family member. An important consideration is whether the people asked to manage the estate will get along with each other – and with anyone else who is slated to inherit from the estate.
The second lesson is, whether you choose a professional, a loved one or a friend to manage your estate, make clear what circumstances would warrant their removal. Courts are reluctant to remove a handpicked trustee without proof of negligence, fraud or disloyalty. But trustees can be removed when a breakdown in cooperation interferes with their ability to administer the estate or trust.
Some trusts anticipate such conflicts by allowing beneficiaries to replace a professional trustee with another professional trustee. That can resolve some disputes while avoiding the cost of seeking court approval.
Preventing disputes from erupting in the first place can help people avert the costly and embarrassing kind of litigation now ensnaring Jimmy Buffett’s estate.
The authors do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
Source: The Conversation – USA – By Robert Bird, Professor of Business Law & Eversource Energy Chair in Business Ethics, University of Connecticut
Something dangerous is happening to the U.S. economy, and it’s not inflation or trade wars. Chaotic deregulation and the selective enforcement of laws have upended markets and investor confidence. At one point, the threat of tariffs and resulting chaos evaporated US$4 trillion in value in the U.S. stock market. This approach isn’t helping the economy, and there are troubling signs it will hurt both the U.S. and the global economy in the short and long term.
The rule of law – the idea that legal rules apply to everyone equally, regardless of wealth or political connections − is essential for a thriving economy. Yet globally the respect for the rule of law is slipping, and the U.S. is slipping with it. According to annual rankings from the World Justice Project, the rule of law has declined in more than half of all countries for seven years in a row. The rule of law in the U.S., the most economically powerful nation in the world, is now weaker than the rule of law in Uruguay, Singapore, Latvia and over 20 other countries.
When regulation is unnecessarily burdensome for business, government should lighten the load. However, arbitrary and frenzied deregulation does not free corporations to earn higher profits. As a business school professor with an MBA who has taught business law for over 25 years, and the author of a recently published book about the importance of legal knowledge to business, I can affirm that the opposite is true. Chaotic deregulation doesn’t drive growth. It only fuels risk.
Chaos undermines investment, talent and trust
Legal uncertainty has become a serious drag on American competitiveness.
A study by the U.S. Chamber of Commerce found that public policy risks — such as unexpected changes in taxes, regulation and enforcement — ranked among the top challenges businesses face, alongside more familiar business threats such as competition or economic volatility. Companies that can’t predict how the law might change are forced to plan for the worst. That means holding back on long-term investment, slowing innovation and raising prices to cover new risks.
When the government enforces rules arbitrarily, it also undermines property rights.
For example, if a country enters into a major trade agreement and then goes ahead and violates it, that threatens the property rights of the companies that relied on the agreement to conduct business. If the government can seize assets without due process, those assets lose their stability and value. And if that treatment depends on whether a company is in the government’s political favor, it’s not just bad economics − it’s a red flag for investors.
When government doesn’t enforce rules fairly, it also threatens people’s freedom to enter into contracts.
Consider presidential orders that threaten the clients of law firms that have challenged the administration with cancellation of their government contracts. The threat alone jeopardizes the value of those agreements.
If businesses can’t trust public contracts to be respected, they’ll be less likely to work with the government in the first place. This deprives the government, and ultimately the American people, of receiving the best value for their tax dollars in critical areas such as transportation, technology and national defense.
Regulatory chaos also allows corruption to spread.
For example, the Foreign Corrupt Practices Act, which prohibits businesses from bribing foreign government officials, has leveled the playing field for firms and enabled the best American companies to succeed on their merits. Before the law was enacted in 1977, some American companies felt pressured to pay bribes to compete. “Pausing” enforcement of the law, as the current presidential administration has done, increases the cost of doing business and encourages a wild west economy where chaos thrives.
Chaotic enforcement of the law also corrodes labor markets.
American companies require a strong pool of talented professionals to fuel their financial success. When legal rights are enforced arbitrarily or unjustly, the very best talent that American companies need may leave the country.
The science brain drain is already happening. American scientists have submitted 32% more applications for jobs abroad compared with last year. Nonscientists are leaving too. Ireland’s Department of Foreign Affairs has witnessed a 50% increase in Americans taking steps to obtain an Irish passport. Employers in the U.K. saw a spike in job applications from the United States.
Business from other countries will gladly accept American talent as they compete against American companies. During the Third Reich, Nazi Germany lost its best and brightest to other countries, including America. Now the reverse is happening, as highly talented Americans leave to work for firms in other nations.
Threats of arbitrary legal actions also drive away democratic allies and their prosperous populations that purchase American-made goods and services. For example, arbitrarily threatening to punish or even annex a closely allied nation does not endear its citizens to that government or the businesses it represents. So it’s no surprise that Canadians are now boycotting American goods and services. This is devastating businesses in American border towns and hurts the economy nationwide.
Similarly, the Canadian government has responded to whipsawing U.S. tariff announcements with counter-tariffs, which will slice the profits of American exporters. Close American allies and trading partners such as Japan, the U.K. and the European Union are also signaling their own willingness to impose retaliatory tariffs, increasing the costs of operations to American business even more.
Modern capitalism depends on smart regulation to thrive. Smart regulation is not an obstacle to capitalism. Smart regulation is what makes American capitalism possible. Smart regulation is what makes American freedom possible.
Clear and consistently applied legal rules allow businesses to aggressively compete, carefully plan, and generate profits. An arbitrary rule of law deprives business of the true power of capitalism – the ability to promote economic growth, spur innovation and improve the overall living standards of a free society. Americans deserve no less, and it is up to government to make that happen for everyone.
Robert Bird does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Based on pronouncements in 2024, you might think now is the time to see U.S. citizens streamingout of the country. Months before the 2024 presidential election, Americans were saying they would leave should candidate Donald Trump win the election. Gallup polling in 2024 found that 21% of Americans wanted to leave the United States permanently, more than double the 10% who had said so in 2011.
And indeed in June 2025, a Vermont legislator announced that she was resigning her seat and moving to Canada because of political concerns and economic opportunities. To be sure, people are moving. Even so, as a scholar of American migration overseas, my research finds that the vast majority of Americans are not about to depart for greener shores.
A western Massachusetts group
In October 2024, I surveyed 68 Americans in western Massachusetts, an area with a slight Democratic majority, asking if they wanted to leave the United States for a lengthy period of time, but not necessarily permanently. Over 90% said no, noting that there were factors limiting their mobility, such as financial obligations or having a partner who would not move, and that there were reasons that made them want to stay, such as owning property and having friends nearby.
Just three respondents indicated they were making plans to move, while an additional 11 said they wanted to move “someday.”
Reality strikes
After the November 2024 election, I interviewed seven of those respondents, two of whom had said prior to the election that they might leave the United States. After the election, they all said they planned to stay.
One who had said she wanted to leave acknowledged her reversal, saying: “I may have flippantly said, ‘Oh, if (Trump) gets voted in … I would leave,’ but I can’t see leaving. Part of it is because of my daughter,” who had recently become a mother. She continued, “It’s never crossed my mind seriously enough to even research it.”
Another told me, “I’m not going to let somebody push me out of what I consider my country and my home because he’s a jerk.”
Others spoke of needing to work several more years in order to receive a pension, or having family responsibilities keeping them in the country. None supported the current administration.
On a national level
In two nationally representative surveys, my colleague Helen B. Marrow, a sociologist of immigration, and I found no significant increase in migration aspiration between 2014 and 2019. We also found that respondents mentioned exploration and adventure much more often than political or economic reasons for wanting to move abroad.
Even though the U.S. passport grants visa-free visitor access to more than 180 countries, U.S. citizens still need residence and work visas. At home, they, like others, have family commitments and financial constraints, or may just not want to leave home. More than 95% of the world’s population do not move abroad – and U.S. citizens are no different.
Relocation coaching
In addition to my academic research on overseas Americans, I am also an international relocation coach. I help Americans considering a move abroad navigate the emotional, practical and professional complexities of relocation, whether they’re just starting to explore the idea or actively planning their next steps.
In February 2025, a national poll found that 4% of Americans said they were “definitely planning to move” to another country.
That same month, I followed up with my seven interviewees from western Massachusetts, including one trans man. They all reiterated their choice to remain in the United States. One person, who might move abroad at some point, told me she hadn’t changed her mind about leaving soon: “Leaving doesn’t necessarily mean anything will be better for me, even if it was a financial possibility.”
Two people said that recent political developments actually meant that they were more committed to remaining in the United States. One told me, “Now, more than ever, individuals need to figure out what small actions can be taken to help our fellow Americans get through this dark period.”
But even those “definitely planning on moving” can have other factors intervene. Two clients of mine who were making serious plans had to stop when family members’ health situations changed for the worse.
So how many people are actually leaving? It is clear that a growing number of Americans are considering a move abroad. But far fewer are conducting serious research, seeking professional consultation or actually moving. Drawing on available data, my own academic research and my coaching experience, my educated estimate is that no more than 1% to 2% of U.S. citizens are actively making viable plans to leave the country. Nor are all of those leaving out of protest; many are still motivated by exploration, adventure, employment or to be with a partner.
Even so, that figure is roughly 3 million to 6 million people – which would be a significant increase over the estimated 5.5 million Americans currently living abroad. As with many migration flows, even the movement of a small percentage of a population can still have the potential to reshape both the United States and its overseas population.
Amanda Klekowski von Koppenfels does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
The Parker administration says it will issue $800 million in bonds over the next four years to fund affordable housing.Jeff Fusco/The Conversation, CC BY-NC-SA
Often, only city treasurers and the finance committees of city councils pay attention to the details behind these municipal bonds.
As a law professor who studies the social impact of municipal bonds, I believe it’s important that city residents understand how these bonds work as well.
While municipal bonds are integral to the city’s effort to increase access to affordable and market-rate housing, they can include hidden costs and requirements that raise prices in ways that make city services unaffordable for lower-income residents.
The Parker administration has vowed to create or preserve 30,000 affordable housing units in Philly through new construction, rehabilitation and expanded rental assistance. Jeff Fusco/The Conversation, CC BY-SA
How municipal bonds work
Most people are aware that companies sell shares on the stock market to raise capital. State and local governments do the same thing in the form of municipal bonds, which help them raise money to cover their expenses and to finance infrastructure projects.
These bonds are a form of debt. Investors can purchase an interest in the bond and, in exchange, the local government promises to pay the money back with interest in a specified time period. The money from investors functions like a loan to the government.
Municipal bonds are often used so that one generation of taxpayers is not having to bear the full cost of a project that will benefit multiple generations of residents. The cost of building a bridge, for example, which will be in use for decades, can be spread out over 30 years so that residents pay back the loan slowly over time rather than saddle residents with huge tax increases one year to cover the cost.
However, the cost of borrowing pushes up the cost of projects by adding interest payments the same way a mortgage adds to the overall cost of buying a house. Overall, the market and state and local governments have historically viewed this cost as a worthy trade-off.
Some municipal bonds have limits
The Parker administration has several options when it comes to raising capital on the municipal market.
The most common method is through general obligation bonds, which are backed by the city’s authority to impose and collect taxes. Bondholders rely on the city’s “full faith and credit” to assure them that if the city has difficulty paying back the debt, the city will raise taxes on residents to secure the payment.
The city plans to use general obligation bonds to help fund its affordable housing plan, but there are limits on how much it can borrow this way. The state constitution limits Philadelphia’s ability to incur debt to a total of 13.5% of the value of its assessed taxable real estate, based on an average of this amount for the preceding 10 years.
Philadelphia is more affordable than several other big U.S. cities, according to a 2020 report from the Pew Charitable Trusts, but it has a high poverty rate. Jeff Fusco/The Conversation, CC BY-SA
Philly has another option
The city, however, also has the authority to take on another form of debt: revenue bonds. Revenue bonds rely on specific sources of revenue instead of the government’s taxing power. Jurisdictions issue revenue bonds to fund particular projects or services – usually ones that generate income from fees paid by users.
For example, a publicly owned water utility or electric company relies on water and sewage fees or electricity rates and charges to pay back their revenue bonds. Likewise, a transportation authority will rely on tolls to pay back revenue bonds issued to build a toll road, such as the Pennsylvania Turnpike.
Under state law, revenue bonds are “non-debt debts.” They are not debts owed by the city, because the city has not promised to repay the debt through the use of its own taxing powers. Instead, the people who pay the fees to use the service are paying back the debt.
Since states began to place stricter limits on debt in the wake of the Great Depression in the 1930s, cities across the U.S. have increasingly used revenue bonds to get around state debt limits and still fund valuable public services, including affordable housing projects.
When another government entity – rather than the city – issues the bond, and the city pays them a service fee for doing so, it’s a form of what’s called conduit debt. That obligation to pay the service fee to the other government entity is the conduit debt that the city pays out of its general fund.
From fiscal years 2012 to 2021, the city’s outstanding debt from general obligation bonds paid for out of its general fund was between $1.3 billion to $1.7 billion per year. However, the city’s conduit debt outstripped that number every year, ranging from $1.8 billion to nearly $2.3 billion. In more recent years, conduit debt has been less than the city’s debt from general obligation bonds.
The city keeps conduit debt on its books – and is obligated to pay it back – even though it comes from bonds issued by the development authorities, because these debts loop back to the city. In the bonds issued by these agencies, the city actually becomes like a client of the agency. The city is typically obligated to pay the agency service fees as part of a contractual obligation that cannot be canceled.
The revenue on which the development agencies’ bonds rely, the money from which bondholders expect to be paid back, does not come from fees that residents pay out of their own pocket – for example through ticket sales from a sports stadium built with revenue bonds. The money instead comes out of the city’s treasury.
A loophole to affordable housing
Essentially this is a loophole for the city to bypass debt limits set for Philadelphia in the state constitution. Sometimes creativity in government requires using loopholes to get the job done – to get to yes instead of a stalemate.
Consider this analogy. Say your sister takes out a bank loan to buy a car for you because your credit limit is maxed out. She is relying on you to pay her back, and she uses your payment to pay the bank. But if you don’t pay her back, she’s not responsible by law for paying the bank herself. So, it’s your debt, but she is the conduit.
If the city holds itself accountable, it can use conduit debt responsibly to make affordable housing construction a reality.
The mayor’s office did not respond to my questions about whether they plan to use conduit debt issued by a development authority, whether that conduit debt would include service fees, and what funds would be used to pay those fees.
In its quest to increase access to affordable housing, the Parker administration should, in my view, be mindful of limiting the service fees it agrees to pay – which have no legally prescribed limits – and also account for where it will find income to cover these costs. For example, will it come from the sale of city-owned land? Fees charged to developers? Or some other source?
Otherwise, taxpayers may be left to foot a bill that is essentially unlimited.
Jade Craig does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Source: The Conversation – USA (2) – By Reid Kress Weisbord, Distinguished Professor of Law and Judge Norma Shapiro Scholar, Rutgers University – Newark
Musician Jimmy Buffett and his wife, Jane Slagsvol, attend a Lincoln Center for the Performing Arts event in 2018 in New York. Evan Agostini/Invision via AP
Lawyers often tell their clients that everyone should have a will that clearly states who should inherit their assets after they die. But even having a will is not necessarily enough to avoid a costly and contentious legal dispute.
Consider what happened after Jimmy Buffett died of skin cancer at the age of 76 in 2023. The singer and entrepreneurial founder of the Margaritaville brand ordered in his will that his fortune be placed in a trust after his death. To manage the trust, Buffett named two co-trustees: his widow, Jane Slagsvol, and Richard Mozenter, an accountant who had served as the singer’s financial adviser for more than three decades.
In dueling petitions filed in Los Angeles and Palm Beach, Florida, in June 2025, however, Slagsvol – identified as Jane Buffett in her legal filing – and Mozenter are both seeking to remove each other as a trustee.
As law professors who specialize in trusts and estates, we teach graduate courses about the transfer of property during life and at death. We believe that the Buffett dispute offers a valuable lesson for anyone with an estate, large or small. And choosing the right person to manage the assets you leave behind can be just as important as selecting who will inherit your property.
Buffett’s business empire
Buffett’s estate includes valuable intellectual property from his hit songs, including “It’s 5 O’Clock Somewhere,” “Oldest Surfer on the Beach” and “Cheeseburger in Paradise.” Buffett’s albums have sold more than 20 million copies worldwide and continue to generate some $20 million annually in royalties. Buffett also owned a yacht, real estate, airplanes, fancy watches and valuable securities.
According to Slagsvol’s petition, Buffett’s trust was set up to benefit his widow. Slagsvol, who married Buffett in 1977, is one of two trustees of that trust, which is required to have at least one “independent trustee” in addition to her “at all times.” That requirement is stated expressly in Buffett’s trust declaration.
Slagsvol receives all income earned by the trust – an estate-planning technique for giving away property managed by a trustee on behalf of the trust beneficiaries – for the rest of her life. She can also receive additional trust funds for her health care, living expenses and “any other purpose” that the independent trustee – Mozenter, as of July 2025 – deems to be in Slagsvol’s best interests.
The estate plan also created separate trusts for their three children: Savannah, Sarah “Delaney” and Cameron Buffett, who are in their 30s and 40s. Each child reportedly received $2 million upon Jimmy’s death. When Slagsvol dies, she can decide who will receive any remaining assets from among Buffett’s descendants and charities.
The structure of Buffett’s plan is popular among wealthy married couples. It provides lifelong support for the surviving spouse while ensuring that their kids and grandchildren can inherit the remainder of their estate – even if that spouse remarries. This type of trust typically cannot be changed by the surviving spouse without court approval.
If you’re fortunate enough to reach your golden years with a sizable nest egg, it helps your loved ones if you can draft a detailed will. You might also want to consider establishing a trust. Maskot/Getty Images
Dueling trustee removal petitions
Slagsvol is trying to remove Mozenter as the trust’s independent trustee.
She claims he refused to comply with her requests for financial information, failed to cooperate with her as her co-trustee, and hired a trust attorney who pressured her to resign as trustee. Slagsvol also raised numerous questions about the trust’s income projections and compensation paid to Mozenter for his services.
Mozenter’s petition, filed in Florida, is not available to the public. According to media coverage of this dispute, he seeks to remove Slagsvol as trustee. He claims that, during his decades-long role as Buffett’s financial adviser, the musician “expressed concerns about his wife’s ability to manage and control his assets after his death.”
That led Buffett to establish a trust, Mozenter asserted, “in a manner that precluded Jane from having actual control” over it.
Estate planning lessons
We believe that the public can learn two important estate planning lessons from this dispute.
First, anyone planning to leave an estate, whether modest or vast, needs to choose the right people to manage the transfer of their property after their death.
That might mean picking a professional executor or trustee who is not related to you. A professional may be more likely to remain neutral should any disputes arise within the family, but hiring one can saddle the estate with costly fees.
An alternative is to choose a relative or trusted friend who is willing to do this for free. About 56% of wills name an adult child or grandchild as executor, according to a recent study. Some estates, like Buffett’s trust, name both a professional and a family member. An important consideration is whether the people asked to manage the estate will get along with each other – and with anyone else who is slated to inherit from the estate.
The second lesson is, whether you choose a professional, a loved one or a friend to manage your estate, make clear what circumstances would warrant their removal. Courts are reluctant to remove a handpicked trustee without proof of negligence, fraud or disloyalty. But trustees can be removed when a breakdown in cooperation interferes with their ability to administer the estate or trust.
Some trusts anticipate such conflicts by allowing beneficiaries to replace a professional trustee with another professional trustee. That can resolve some disputes while avoiding the cost of seeking court approval.
Preventing disputes from erupting in the first place can help people avert the costly and embarrassing kind of litigation now ensnaring Jimmy Buffett’s estate.
The authors do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
Source: The Conversation – USA (2) – By Robert Bird, Professor of Business Law & Eversource Energy Chair in Business Ethics, University of Connecticut
Something dangerous is happening to the U.S. economy, and it’s not inflation or trade wars. Chaotic deregulation and the selective enforcement of laws have upended markets and investor confidence. At one point, the threat of tariffs and resulting chaos evaporated US$4 trillion in value in the U.S. stock market. This approach isn’t helping the economy, and there are troubling signs it will hurt both the U.S. and the global economy in the short and long term.
The rule of law – the idea that legal rules apply to everyone equally, regardless of wealth or political connections − is essential for a thriving economy. Yet globally the respect for the rule of law is slipping, and the U.S. is slipping with it. According to annual rankings from the World Justice Project, the rule of law has declined in more than half of all countries for seven years in a row. The rule of law in the U.S., the most economically powerful nation in the world, is now weaker than the rule of law in Uruguay, Singapore, Latvia and over 20 other countries.
When regulation is unnecessarily burdensome for business, government should lighten the load. However, arbitrary and frenzied deregulation does not free corporations to earn higher profits. As a business school professor with an MBA who has taught business law for over 25 years, and the author of a recently published book about the importance of legal knowledge to business, I can affirm that the opposite is true. Chaotic deregulation doesn’t drive growth. It only fuels risk.
Chaos undermines investment, talent and trust
Legal uncertainty has become a serious drag on American competitiveness.
A study by the U.S. Chamber of Commerce found that public policy risks — such as unexpected changes in taxes, regulation and enforcement — ranked among the top challenges businesses face, alongside more familiar business threats such as competition or economic volatility. Companies that can’t predict how the law might change are forced to plan for the worst. That means holding back on long-term investment, slowing innovation and raising prices to cover new risks.
When the government enforces rules arbitrarily, it also undermines property rights.
For example, if a country enters into a major trade agreement and then goes ahead and violates it, that threatens the property rights of the companies that relied on the agreement to conduct business. If the government can seize assets without due process, those assets lose their stability and value. And if that treatment depends on whether a company is in the government’s political favor, it’s not just bad economics − it’s a red flag for investors.
When government doesn’t enforce rules fairly, it also threatens people’s freedom to enter into contracts.
Consider presidential orders that threaten the clients of law firms that have challenged the administration with cancellation of their government contracts. The threat alone jeopardizes the value of those agreements.
If businesses can’t trust public contracts to be respected, they’ll be less likely to work with the government in the first place. This deprives the government, and ultimately the American people, of receiving the best value for their tax dollars in critical areas such as transportation, technology and national defense.
Regulatory chaos also allows corruption to spread.
For example, the Foreign Corrupt Practices Act, which prohibits businesses from bribing foreign government officials, has leveled the playing field for firms and enabled the best American companies to succeed on their merits. Before the law was enacted in 1977, some American companies felt pressured to pay bribes to compete. “Pausing” enforcement of the law, as the current presidential administration has done, increases the cost of doing business and encourages a wild west economy where chaos thrives.
Chaotic enforcement of the law also corrodes labor markets.
American companies require a strong pool of talented professionals to fuel their financial success. When legal rights are enforced arbitrarily or unjustly, the very best talent that American companies need may leave the country.
The science brain drain is already happening. American scientists have submitted 32% more applications for jobs abroad compared with last year. Nonscientists are leaving too. Ireland’s Department of Foreign Affairs has witnessed a 50% increase in Americans taking steps to obtain an Irish passport. Employers in the U.K. saw a spike in job applications from the United States.
Business from other countries will gladly accept American talent as they compete against American companies. During the Third Reich, Nazi Germany lost its best and brightest to other countries, including America. Now the reverse is happening, as highly talented Americans leave to work for firms in other nations.
Threats of arbitrary legal actions also drive away democratic allies and their prosperous populations that purchase American-made goods and services. For example, arbitrarily threatening to punish or even annex a closely allied nation does not endear its citizens to that government or the businesses it represents. So it’s no surprise that Canadians are now boycotting American goods and services. This is devastating businesses in American border towns and hurts the economy nationwide.
Similarly, the Canadian government has responded to whipsawing U.S. tariff announcements with counter-tariffs, which will slice the profits of American exporters. Close American allies and trading partners such as Japan, the U.K. and the European Union are also signaling their own willingness to impose retaliatory tariffs, increasing the costs of operations to American business even more.
Modern capitalism depends on smart regulation to thrive. Smart regulation is not an obstacle to capitalism. Smart regulation is what makes American capitalism possible. Smart regulation is what makes American freedom possible.
Clear and consistently applied legal rules allow businesses to aggressively compete, carefully plan, and generate profits. An arbitrary rule of law deprives business of the true power of capitalism – the ability to promote economic growth, spur innovation and improve the overall living standards of a free society. Americans deserve no less, and it is up to government to make that happen for everyone.
Robert Bird does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Based on pronouncements in 2024, you might think now is the time to see U.S. citizens streamingout of the country. Months before the 2024 presidential election, Americans were saying they would leave should candidate Donald Trump win the election. Gallup polling in 2024 found that 21% of Americans wanted to leave the United States permanently, more than double the 10% who had said so in 2011.
And indeed in June 2025, a Vermont legislator announced that she was resigning her seat and moving to Canada because of political concerns and economic opportunities. To be sure, people are moving. Even so, as a scholar of American migration overseas, my research finds that the vast majority of Americans are not about to depart for greener shores.
A western Massachusetts group
In October 2024, I surveyed 68 Americans in western Massachusetts, an area with a slight Democratic majority, asking if they wanted to leave the United States for a lengthy period of time, but not necessarily permanently. Over 90% said no, noting that there were factors limiting their mobility, such as financial obligations or having a partner who would not move, and that there were reasons that made them want to stay, such as owning property and having friends nearby.
Just three respondents indicated they were making plans to move, while an additional 11 said they wanted to move “someday.”
Reality strikes
After the November 2024 election, I interviewed seven of those respondents, two of whom had said prior to the election that they might leave the United States. After the election, they all said they planned to stay.
One who had said she wanted to leave acknowledged her reversal, saying: “I may have flippantly said, ‘Oh, if (Trump) gets voted in … I would leave,’ but I can’t see leaving. Part of it is because of my daughter,” who had recently become a mother. She continued, “It’s never crossed my mind seriously enough to even research it.”
Another told me, “I’m not going to let somebody push me out of what I consider my country and my home because he’s a jerk.”
Others spoke of needing to work several more years in order to receive a pension, or having family responsibilities keeping them in the country. None supported the current administration.
On a national level
In two nationally representative surveys, my colleague Helen B. Marrow, a sociologist of immigration, and I found no significant increase in migration aspiration between 2014 and 2019. We also found that respondents mentioned exploration and adventure much more often than political or economic reasons for wanting to move abroad.
Even though the U.S. passport grants visa-free visitor access to more than 180 countries, U.S. citizens still need residence and work visas. At home, they, like others, have family commitments and financial constraints, or may just not want to leave home. More than 95% of the world’s population do not move abroad – and U.S. citizens are no different.
Relocation coaching
In addition to my academic research on overseas Americans, I am also an international relocation coach. I help Americans considering a move abroad navigate the emotional, practical and professional complexities of relocation, whether they’re just starting to explore the idea or actively planning their next steps.
In February 2025, a national poll found that 4% of Americans said they were “definitely planning to move” to another country.
That same month, I followed up with my seven interviewees from western Massachusetts, including one trans man. They all reiterated their choice to remain in the United States. One person, who might move abroad at some point, told me she hadn’t changed her mind about leaving soon: “Leaving doesn’t necessarily mean anything will be better for me, even if it was a financial possibility.”
Two people said that recent political developments actually meant that they were more committed to remaining in the United States. One told me, “Now, more than ever, individuals need to figure out what small actions can be taken to help our fellow Americans get through this dark period.”
But even those “definitely planning on moving” can have other factors intervene. Two clients of mine who were making serious plans had to stop when family members’ health situations changed for the worse.
So how many people are actually leaving? It is clear that a growing number of Americans are considering a move abroad. But far fewer are conducting serious research, seeking professional consultation or actually moving. Drawing on available data, my own academic research and my coaching experience, my educated estimate is that no more than 1% to 2% of U.S. citizens are actively making viable plans to leave the country. Nor are all of those leaving out of protest; many are still motivated by exploration, adventure, employment or to be with a partner.
Even so, that figure is roughly 3 million to 6 million people – which would be a significant increase over the estimated 5.5 million Americans currently living abroad. As with many migration flows, even the movement of a small percentage of a population can still have the potential to reshape both the United States and its overseas population.
Amanda Klekowski von Koppenfels does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Question for written answer E-002564/2025 to the Commission Rule 144 Ralf Seekatz (PPE), Lídia Pereira (PPE)
Article 2(6) of Regulation 2024/1624 of the European Parliament and of the Council of 31 May 2024 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing[1](the Anti-Money Laundering Regulation, AMLR) clarifies that the activity of account information services (AIS) is not within the scope of the regulation.
In our understanding of the text, the activity of AIS is outside the scope of the regulation, regardless of whether the entity in question exclusively provides AIS or also offers other regulated services.
Can the Commission confirm the interpretation that AIS as an activity is outside the scope of the AMLR, even if it is provided by financial institutions whose additional and regulated activities are otherwise within the scope of the AMLR?
Debt pause clauses allow for the postponement of debt servicing during climate, health, or other crises, freeing up resources for response and recovery without compromising long-term economic and social sustainability.
The initiative, led by Spain and co-led by the EIB, is part of the agreements reached at the IV International Conference on Financing for Development, held in Seville.
The alliance remains an open and flexible coalition and brings together many countries and major multilateral banks
Spain, with the support of other countries and major multilateral development banks such as the European Investment Bank Group, unveiled the Debt Pause Clause Alliance at the IV International Conference on Financing for Development in Seville.
These clauses allow for the temporary suspension of debt payments in the face of extraordinary events — such as natural disasters, food crises, or health emergencies — offering borrowing countries immediate fiscal space to respond to the crisis without jeopardizing their solvency or their ability to meet social expenses. Their adoption promotes a more resilient and predictable development financing framework in times of crisis.
The alliance is an international coalition that seeks to accelerate the systematic inclusion of these clauses in public and private financial instruments. Additionally, it seeks to develop common principles and standard contractual language, thus generating transparent regulation that mobilizes the private sector.
The co-leaders of the initiative include the Inter-American Development Bank, the European Investment Bank, the African Development Bank, the Development Bank of Latin America and the Caribbean, the Asian Development Bank, as well as the governments of Barbados, Canada, Spain, France, and the United Kingdom.
The EIB has made Debt Pause Clauses available for contracts on its new operations in 70 countries.
“As the financial arm of the European Union, the EIB is offering solutions to countries and communities to ensure the most vulnerable are not left behind. In the past year, the EIB has made climate resilient debt clauses available to 70 developing countries around the world. Today, we show our commitment to global partnerships for prosperity, win win outcomes and peace,” said Nadia Calviño, president of the European Investment Bank.
VEHIS commits to originate PLN 2.6 billion of auto leases for the benefit of Polish SMEs.
The new lending is enabled by a cash securitisation whereby VEHIS obtains funding from EIB and from an external investor backed by EIF.
The operation will support financing of low carbon road vehicles and financing of women-led businesses, and contribute to regional development and economic inclusion across Poland.
The European Investment Bank (EIB) Group is joining forces with Polish car platform VEHIS to expand access to financing for a range of businesses in Poland. The EIB Group, which also includes the European Investment Fund (EIF), will back auto leases by VEHIS so that the company can boost lending to Polish small and medium-sized enterprises (SMEs) and Mid-Caps.
The operation will contribute to regional development and economic inclusion across Poland. It will further support gender equality and the green transition through targeted financing for women-led businesses and electric vehicles.
Under the agreement, the EIB will invest PLN 637 million (€150 million) in notes backed by auto leases originated by VEHIS, and the EIF will provide guarantees to a third-party, enabling it to purchase notes for an amount of similar size. The operation aims to generate a new portfolio of SME and Mid-Cap leases totalling PLN 2.6 billion.
At least 30% of the new car financing by VEHIS will go to women-led businesses and at least 10% will support climate action including electric-vehicle leasing.
“This transaction is a great example of how we can use capital markets tools to deliver real impact for small businesses,” said Marjut Falkstedt, Chief Executive of the EIF. “By working with VEHIS, we’re helping to channel funding where it’s needed most — to entrepreneurs driving innovation, inclusion and sustainability across Poland.”
Under the accord, the EIB’s investment will be in the senior class notes of a securitisation of VEHIS auto leases and the EIF guarantees will enable the third party to invest in the senior class and mezzanine class notes of the same transaction.
“Together with the EIB and EIF, we are carrying out the first securitization of a portfolio built under warehouse financing in the history of the Polish market. This is a unique moment of appreciation for us by leading European financial institutions and another important step that will allow us to continue our dynamic growth. Thanks to the cooperation, we will be able to continue active SME financing, including supporting women-led businesses, as well as financing low-emission cars,” said Jan Bujak, CFO of VEHIS.
The operation will also contribute to regional development in Poland by enabling VEHIS to reach more entrepreneurs in underserved market segments and in areas where per capita income is below the European Union average.
“Supporting SMEs is at the heart of what we do at the EIB Group,” commented Teresa Czerwińska, Vice-President of the EIB. “This partnership with VEHIS will not only help businesses grow but also promote gender equality and accelerate the shift to cleaner transport. It’s a smart, targeted investment in Poland’s future.”
Technical note on the securitisation transaction
The transaction is structured as a cash securitisation of a granular portfolio of performing auto leases originated by VEHIS and sold to a securitisation special purpose entity (Issuer). EIB purchases class A1 notes issued by the Issuer. EIF simultaneously, through bilateral financial guarantees agreed with an institutional investor, takes exposure to class A2 notes (ranking pari passu with the mentioned class A1 notes) and to class B notes (characterised by higher credit risk compared to the class A1 and class A2 notes) issued by the Issuer. VEHIS effectively retains credit exposure to the securitised lease exposures by purchasing and retaining the most junior notes (characterised by higher credit risk than the class A and class B notes) issued by the Issuer. The notes and the securitised exposures pay floating interest and are denominated in polish zloty.
The reference portfolio consists of more than 9,000 leases, 100% secured by light vehicles and with c. 90% of lessees in the form of SMEs. The transaction is non-revolving and includes standard credit enhancement features such as subordination, excess spread, use of a cash reserve and a principal deficiency ledger.
Background information
About EIB Group The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world.
The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.
The Group’s latest Investment Survey (EIBIS) showed Poland fares better than European Union peers when it comes to gender equality in business management.
To enhance the positive impact of its activities on gender equality and empower women and girls, the EIB Group has embedded gender equality goals into its business model through a dedicated Strategy on Gender Equality and Women’s Economic Empowerment and a Gender Action Plan. These guide its lending, blending, and advisory work both within and outside the European Union. In 2024, EIB financing for gender equality represented more than €3 billion across over 40 projects. The EIB also applies global gender-lens investing criteria (“2X”) and is committed to promoting gender equality in the workplace. You can find more information here on the EIB gender equality initiatives.
About VEHIS
VEHIS is a car platform that allows customers to select and purchase a vehicle along with the relevant financing options. The offer encompasses all car brands available on the Polish market from key dealers, along with financing options in the form of leasing.
VEHIS provides full support throughout the period of vehicle use, including a special insurance package, GPS monitoring and service support for the car, as well as handling traffic damage claims.
VEHIS advisors working in 18 VEHIS branches across Poland support customers in choosing a car, its financing and insurance. The entire process can be completed online through the website or with the remote assistance of an advisor.
The platform offers a selection of over 10,000 cars at competitive prices from 200 dealers. These offers are updated almost in real time, thanks to IT tools developed by VEHIS.
VEHIS’ strategic investor is Enterprise Investors, one of the oldest and largest private equity firms in Central and Eastern Europe.
Carbon pricing is increasingly recognized worldwide as a powerful tool to combat the devastating impacts of climate change. But what exactly is it, and how does it work? Let’s explore this transformative approach to driving a greener and more sustainable future.
Carbon pricing is a policy mechanism that puts a financial cost on greenhouse gas emissions. This policy tool is primarily aimed at discouraging emitters of the greenhouse gas especially carbon dioxide and encouraging individuals, industries and other stakeholders to reduce such emissions to save the mother earth, as climate change is causing a great deal of damage in almost every part of the world, which appears irreparable in several cases.
Driven largely by the excessive emission of greenhouse gases like carbon dioxide, climate change is increasingly posing a critical threat to global ecosystems, economies and societies. In the process, one of the most effective tools developed to mitigate these emissions is carbon pricing. This mechanism mandates to internalize the environmental damage caused by pollution, thus encouraging industries and consumers to reduce their carbon footprint.
To understand it lucidly, carbon pricing is an economic strategy designed to reduce global warming. It reflects the cost of carbon emissions in the market, encouraging emitters to either reduce their emissions or pay for the same. In simple terms, it is a kind of financial penalty imposed on the release of carbon dioxide into the atmosphere by the people, industries or other stakeholders.
There are two primary forms of carbon pricing- carbon tax and cap-and-trade. Each of these mechanisms puts a price on carbon, but in different ways. While, carbon tax directly sets a price on carbon by defining a tax rate on greenhouse gas emissions or more commonly on the carbon content of fossil fuels, making it easier for businesses to plan future investments.
Besides, carbon tax is imposed by the government on on fossil fuels like coal, oil and gas based on their carbon content. The higher the emissions associated with a fuel, the higher the tax, making high emission fuels more expensive, thus encouraging a shift towards cleaner energy sources. For example, Sweden has one of the highest carbon taxes in the world, set at around $130 per tonne of CO₂. The country has reduced carbon emissions significantly while maintaining economic growth since its adoption of the mechanism in 1991.
On the other hand, under Cap-and-Trade or Emissions Trading System (ETS), the government sets a total cap on emissions and distributes or auctions emission permits to emitters. Companies can buy and sell these allowances, creating a market for carbon emissions. Without doubt, a cap limits total emissions for a group of industries or the entire economy.
In this system, companies receive or purchase allowances representing the right to emit a specific amount of CO2, and if a company emits less than its allowance, it can sell the surplus to other companies. Similarly, if a company exceeds the allowance level, it must buy more. Here, it is interesting to note that the cap doesn’t remain fixed, but is gradually reduced over time to decrease total emissions.
The European Union emissions trading system is the largest and most established cap-and-trade system, as it covers more than 11,000 power plants and factories across Europe and is a cornerstone of the EU’s climate policy.
However, a number of countries worldwide have adopted carbon pricing mechanisms including those in Europe. Canada, China, Japan, South Korea, USA, New Zealand, Britain, South Africa, Mexico, Kazakhstan, Singapore, Colombia, Ukrain, Indonesia, Vietnam and a few others have already adopted different mechanisms. The pioneers in the process are Sweden and Finland. While Sweden introduced it in 1991, Finland was the first country to introduce a carbon tax in 1990.
While, the impacts of climate change are widespread, serious experienced across the globe, the trends to contain it through carbon pricing mechanisms are also encouraging. According to estimates, as of now, carbon pricing mechanisms cover about 23% of global greenhouse gas emissions. The total global value of carbon pricing instruments in operation exceeds $100 billion annually.
At the same time, there is a growing push for international coordination, especially through article 6 of the Paris Agreement, which allows countries to trade emissions reductions. Thus, the carbon market has grown rapidly in the past decade, fueled by increased climate commitments under the Paris Agreement and the development of regional and national carbon pricing mechanisms.
To know more about how different countries of the world are responding to these initiatives, we can approach to the World Bank’s Carbon Pricing Dashboard, which provides a comprehensive overview of carbon pricing initiatives worldwide, including their design, coverage and price levels. The World Bank report on the trends of carbon pricing also shows a significant increase in the number of operational carbon pricing instruments and highlights the growing trend of carbon pricing globally.
In recent years, especially since Narendra Modi government came at the Centre, India has also been rapidly advancing toward a structured and regulated carbon pricing ecosystem. It is a part of India’s broader climate and sustainable development agenda.
Amid the growing global focus on carbon markets and emissions trading, India is taking significant steps toward establishing a rate-based Emissions Trading System (ETS) along with complementary voluntary carbon credit mechanisms. The World Bank’s ‘State and Trends of Carbon Pricing 2025’ report highlights India’s expanding role as a key emerging economy shaping the future of global climate finance and carbon pricing architecture.
Rate-based ETS refers to a system where total emissions are not capped but individual entities are allocated a performance benchmark that serves as a limit on their net emissions. Rate-based ETSs offer additional flexibility in managing future growth uncertainty as well as international competitiveness concerns.
India’s Carbon Credit Trading Scheme (CCTS) is a strategic initiative aimed at reducing greenhouse gas emissions through carbon pricing. It comprises two main components- a compliance mechanism for obligated entities, especially for the industrial sector and an offset mechanism to enable voluntary participation.
The scheme being worked out in India, is designed to incentivize and support efforts toward decarbonizing the Indian economy. By establishing the necessary institutional framework, the CCTS has laid the groundwork for the development of the Indian Carbon Market (ICM).
It’s heartening to note here that carbon pricing is no longer a niche policy meant for only rich countries, now it has become a mainstream tool for climate action worldwide including India and other developing countries. Whether through carbon taxes or emissions trading systems, countries are finding ways to internalize the environmental costs of carbon and transition toward a low-carbon future, which augur well for the future of the planet.
Despite the challenging global environment, South Africa’s mining industry is an industry on the rise.
This view was shared by Mineral and Petroleum Resources Minister Gwede Mantashe, who delivered the department’s Budget Vote in Parliament on Wednesday afternoon.
In his written remarks, Mantashe explained that Mintek – the country’s national mineral research organisation – has completed a study on the state of mining in the country and the Critical Minerals and Metals Strategy for implementation, which shows great potential in the industry.
“Having produced individual commodity reports on 21 minerals, the critical minerals strategy shows that minerals, such as platinum, manganese, iron ore, coal and chrome ore, are poised to play a critical role in the South African mining industry and the economy for the foreseeable future.
“In contrast to the sceptic view that the South African mining industry is a sunset industry, with the comprehensive and up-to-date insights into key developments within global commodity markets, mineral production trends in South Africa and the mining sector’s contribution to the economy, we are now more convinced than ever that the South African mining industry is a sunrise industry.
“This mining frontier is filled with exciting opportunities for investors and the economy,” he said.
Mantashe acknowledged that the industry is operating in a challenging global landscape.
Despite these challenges, including escalating trade tensions, evolving geopolitical relationships and the United States of America’s imposition of tariffs on some mineral exports, the industry remains a strong contributor to the national Gross Domestic Product (GDP).
“Despite the challenging global environment, mining gross value-added rebounded by 0.3% in 2024, from a 0.5% decline in 2023. Effectively, in Rand terms, 2024 saw the mining sector contributing R451 billion to the country’s GDP, thus sustaining the 6% total contribution to the GDP.
“In the same period, the mining industry’s export earnings totalled R674 billion, comprising R586.4 billion from primary minerals and R87.5 billion from processed minerals, representing a decrease of 0.6% from R678 billion in 2023,” the Minister said.
Expanding mineral exploration
The Minister highlighted that the sustainability and future of mining in South Africa is dependent on new mineral discoveries – making the Junior Mining Exploration Fund critical for discovery and transformation.
“Established through a R200 million allocation from National Treasury, matched by the Industrial Development Corporation (IDC), this fund is poised to unlock new mineral discoveries and drive transformation. The first funding call has already resulted in the signing of legal contracts with black-owned junior miners.
“As the country navigates the natural decline of legacy commodities like gold, this fund will enable the discovery of new minerals that are essential for a range of industries, from advanced manufacturing to technology and infrastructure development.
“Expanding this fund is not just an investment in new mining frontiers but a commitment to ensuring that our mineral wealth contributes to a more inclusive and transformed industry,” he insisted.
Mantashe noted that, for its part, the Council for Geoscience (CGS) has implemented its Integrated and Multi-Disciplinary Mapping Programme to expand its onshore mapping coverage to meet the needs of the exploration community.
“This work provides the fundamental basis to outline the mineral potential and geological systems at an enhanced scale, allowing [for] greater clarity to focus on exploration initiatives.
“For the 2025/26 financial year, the CGS will continue with the implementation of this backbone programme, both onshore and offshore, to make available key pre-competitive geological data, information and knowledge for considered investment in minerals exploration,” he said.
The budget
The department’s budget allocation for the 2025/26 financial year is R2.86 billion, of which R1.16 billion will be transferred to public entities, municipalities, and other implementing institutions to “enable them to fulfil their constitutional mandates”.
Some specific projects to receive funding include:
R134.7 million for the rehabilitation of derelict and ownerless mines implemented by Mintek.
R22.4 million for the Mine Rehabilitation Research Project implemented by the Council for Geoscience.
R32.3 million allocated to the CGS for the Mine Water Ingress Project.
R46.1 million allocated to the Petroleum Agency South Africa (PASA) for the implementation of the Shale Gas Project.
Source: United Nations General Assembly and Security Council
The Conference holds its final multi-stakeholder round table this morning on “Reforming the international financial architecture and addressing systemic issues”.
Co-chaired by Carlos Cuerpo Caballero, Minister for Economy, Commerce and Business of Spain, and Seedy Keita, Minister for Finance and Economic Affairs of the Gambia, it will feature a keynote address by Hussain Mohamed Latheef, Vice-President, Republic of Maldives.
Rebeca Grynspan, Secretary-General of the United Nations Conference on Trade and Development (UNCTAD), will moderate the discussion.
Panelists will include: Mthuli Ncube- Minister for Finance, Economic Development and Investment Promotion of Zimbabwe; Facinet Sylla, Minister for Budget of Guinea; Hervé Ndoba, Minster for Finance and Budget of the Central African Republic; and Carlo Monticelli, Governor of the Council of Europe Development Bank.
José Viñals, GISD Alliance Co-Chair and Senior Advisor to the Board of Standard Chartered, as well as a civil society representative, will be the discussants.
Africa’s railway sector is undergoing a renaissance, with strategic transport corridors rapidly expanding to unlock the continent’s mineral wealth and strengthen global trade ties. In June, the Africa Finance Corporation secured a €250 million (http://apo-opa.co/3Tje8ph), 10-year loan from Italian development finance institution Cassa Depositi e Prestiti to accelerate the development of the Lobito Corridor – an essential mineral transport network linking Angola, Zambia, and the Democratic Republic of Congo to global markets. The loan will finance the procurement of goods and services from Italian companies for both the corridor and associated renewable energy projects.
The Lobito Corridor is among several strategic projects that will feature prominently at African Mining Week (AMW), taking place October 1–3, 2025, in Cape Town. AMW will showcase high-impact investment opportunities across Africa’s mining and infrastructure value chains, with a focus on how rail logistics are transforming landlocked mineral-rich regions into competitive, export-oriented hubs.
Simandou Rail Hits Construction Milestone
In West Africa, Guinea-Conakry marked a key milestone in June with the completion of a 903-meter tunnel on the 650-km Simandou Railway (http://apo-opa.co/45SkT8V). Once operational by early 2026, the line will transport up to 120 million tons of high-grade iron ore annually from the Simandou deposit — home to an estimated 2 billion tons of reserves. U.S. company Wabtec (http://apo-opa.co/4l9hRlk) was awarded a $248 million contract in February to supply locomotives for the project. At AMW 2025, a high-level panel, “From Mines to Markets: Strengthening Trade and Connectivity for Africa’s Mineral Future (http://apo-opa.co/44sE5Yv),” will explore how megaprojects like Simandou are strengthening Africa’s mineral value chain.
Mauritania Advances Iron Ore Rail Expansion
Mauritania has also made strides in rail development, securing a €113 million loan from the European Investment Bank (EIB) (http://apo-opa.co/45SWH6n) in June to co-finance the expansion of a key iron ore railway between Zouérat and Nouadhibou. The project – backed by a total €461 million investment involving national mining company SNIM, EIB and private investors – will optimize exports of Mauritania’s iron ore to international markets. AMW 2025 will provide a platform for global investors to engage with opportunities emerging in Mauritania and similar markets.
Cameroon Strengthens Bauxite Logistics
In Central Africa, Australia’s Canyon Resources acquired a 9.1% stake in Cameroon’s national rail operator, Camrail (http://apo-opa.co/4kn52D4), to bolster logistics for the Minim Martap Bauxite Mine (http://apo-opa.co/3TnW8Kn). The acquisition – from TotalEnergies and Société d’Exploitation des Bois du Cameroun – aims to enhance rail access from the mine to port infrastructure, facilitating the export of up to 6.4 million tons of bauxite annually. AMW will feature investment-ready opportunities tied to bauxite and other critical minerals (http://apo-opa.co/45SkV0x) driving the energy transition.
China Deepens Rail Footprint in Africa
In East Africa, the China Railway Engineering Group signed a $2.15 billion agreement in February with Tanzania and Burundi (http://apo-opa.co/3ZYN8Pz) to build a 282-km cross-border railway. The line is expected to support the export of up to 3 million tons of minerals annually, improving regional and global market access. In Nigeria, the China Development Bank (http://apo-opa.co/3TZOrdr) provided a $254.76 million grant in January to finance the Kano-Kaduna rail line – a vital link between the Lagos-Ibadan and Kano-Maradi corridors. This project will enhance mineral and energy transportation across West Africa. At AMW 2025, the China-Africa Cooperation on Minerals Roundtable (http://apo-opa.co/45SkWl7) will convene public and private sector leaders to strengthen bilateral ties, while the Invest in Nigeria Infrastructure session (http://apo-opa.co/4la5V2L) will further spotlight opportunities like the Kano-Kaduna rail project as cornerstones of Nigeria’s mining and logistics growth.
– on behalf of Energy Capital & Power.
About African Mining Week: African Mining Week serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2025 conference from October 1-3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.
The Executive Board of the National Union of Eritrean Women conducted a meeting on 1 and 2 July to review the implementation of programs during the first half of this year and to discuss plans for the second half. The meeting was attended by heads of departments and regional office of the union.
During the meeting, the board held extensive discussions focusing on activities aimed at enhancing organizational capacity—particularly among young women—strengthening the Union’s economic capacity, vocational training programs designed to improve women’s skills, progress in development programs, and the role of mass media in raising overall awareness among women.
Ms. Tekea Tesfamicael, President of the National Union of Eritrean Women, commended the successful implementation of various activities over the past six months and called for strengthened participation in executing programs scheduled for the second half of the year.
The board stressed the importance of reinforcing ongoing efforts, including enhancing the organizational capacity of women and promoting their active participation and awareness.
The meeting concluded with several recommendations, including organizing training on financial and material management and reporting, completing the renovation of Union buildings, and establishing an official website for the Union, among other initiatives.
The IMF Executive Board has completed the first review under the Extended Credit Facility arrangement for the Democratic Republic of the Congo. The decision allows for an immediate disbursement of US$ 261.9 million towards international reserves, to continue building buffers.
The DRC’s economy has been resilient in a challenging environment amid the escalation of the armed conflict in the eastern part of the country, which placed significant strains on the budget. The authorities have made good progress on the structural reform’s agenda, but a few quantitative targets were missed.
The recent peace agreement signed between the governments of the DRC and Rwanda, mediated by the United States, is encouraging for the prospect of a peaceful resolution of the conflict and renewed focus on development goals.
The Executive Board of the International Monetary Fund (IMF) completed the first review under the Extended Credit Facility (ECF) Arrangement for the Democratic Republic of the Congo (DRC) approved on January 15, 2025 (see PR 25/003). The completion of the first review allowed an immediate disbursement equivalent to 190.4 million SDR (about US$ 261.9 million) to support balance-of-payment needs, bringing the aggregate disbursement to date to 380.5 million SDR (about 523.4 US$ million).
The DRC has been facing significant challenges amid the intensification of the armed conflict in its eastern part since end-2024. The escalation of hostilities has claimed thousands of lives and caused severe social and humanitarian damages, including disruptions in access to essential services such as food, water, and electricity. Diplomatic efforts are ongoing to secure a cessation of hostilities and ensure sustainable peace in the region. The signing on June 27, 2025, of a peace agreement between the governments of the DRC and Rwanda, under the mediation of the United States, is encouraging for the prospect of a peaceful resolution on the ongoing conflict and renewed focus on addressing development goals.
Despite the challenging environment, economic activity remained resilient, with robust GDP growth of 6.5 percent in 2024, driven by continued dynamism in the extractive sector. External stability has strengthened, as the current account deficit narrowed and the accumulation of international reserves continued. Inflationary pressures continue to ease, and year-on-year inflation declined from 23.8 percent at end-2023 to 11.7 percent at end-2024 and [8.5] percent at end-June 2025.
Performance under the program was mixed, as the intensification of the conflict has placed significant strains on the budget. Despite strong revenue collection, the domestic fiscal deficit reached 0.8 percent of GDP in 2024, exceeding the program target of 0.3 percent, owing to spending overruns linked to the escalation of the conflict, including on exceptional security spending and public investments. The program target on the Central Bank of the Congo (BCC)’s foreign exchange assets held with domestic correspondents was missed as well, due to higher-than-expected tax payments in foreign currency on government accounts. Other quantitative performance criteria of the ECF were met. Most indicative targets were also met, except those related to the floor on social spending and the ceiling on spending executed through emergency procedures—owing to elevated exceptional security spending linked to the conflict intensification. Appropriate corrective measures are being implemented by the authorities.
In completing the first review, the Executive Board also approved the authorities’ request for waivers of nonobservance of the performance criteria on the floor on the domestic fiscal balance at end-December 2024 on the basis of corrective actions, and the continuous ceiling on the levels of foreign currency assets of the BCC held with domestic correspondents on the basis of the temporary nature of the deviation which has since been remedied. Further, the Executive Board completed the financing assurances review under the ECF arrangement. No reform measures under the Resilience and Sustainability Facility (RSF) arrangement, approved in January 2025, were due for review at this time.
At the conclusion of the Executive Board’s discussion, Mr. Okamura, Deputy Managing Director and Chair stated:
“The Democratic Republic of the Congo (DRC) has been confronted with heightened security challenges since late 2024. The escalation of the conflict in the eastern part of the country has caused serious human, social and economic damage and induced the government to increase spending. Despite these difficulties, the macroeconomic environment of the DRC remained broadly stable. Growth has remained robust, due to the resilience of mining production. Inflation continues to decrease, and the external position has strengthened. The economic outlook remains positive, but is fraught with downside risks related to the persistence of the conflict, declining external humanitarian assistance, global economic headwinds, and potential escalation of geopolitical conflicts. The authorities are committed to closely monitor these risks and to respond proactively to evolving challenges.
“Budget implementation remains challenging in a difficult security context. As a result, the domestic fiscal deficit is projected to be larger than initially projected for 2025, but is expected to return to the path envisaged at program approval starting in 2026, reflecting the authorities’ commitment to carry out measures to enhance domestic revenue mobilization and strengthen the budget implementation process. Additionally, to guard against unforeseen adverse shocks, the authorities have adopted a contingency plan.
“The Central Bank of the Congo (BCC) has maintained a tight monetary policy stance, thereby helping bring inflation down to single digits for the first time in three years. The accumulation of international reserves has continued, on the back of the narrowing of the current account deficit. Efforts must continue, to strengthen the monetary policy implementation framework, refine the foreign exchange intervention strategy, enhance the governance and safeguards of the BCC and ensure its adequate recapitalization.
“The authorities have committed to accompany these efforts to preserve macroeconomic stability with an acceleration of structural reforms in key areas, including strengthening the AML/CFT framework, improving the business climate, enhancing transparency and governance, combating corruption and upgrading national statistics. Efforts to lay the groundwork for a timely implementation of the reform measures underpinning the RSF arrangement approved in January should be stepped up.”
Table 1. Democratic Republic of the Congo: Selected Economic and Financial Indicators, 2023-26
The government recognises the additional distress that children experienced due to both the benefits scandal and subsequent care orders. In a letter to the House of Representatives, Minister Struycken (Legal Protection), Minister Palmen-Schlangen (Benefits and Redress) and Minister Tielen (Youth, Prevention and Sport) respond to the ‘Inheritance of Injustice’ report by the Hamer Commission that carried out the investigation. The government has also announced specific measures to support young people.
As Minister Struycken explains, “These young people were affected first of all by unfair claims by the Tax and Customs Administration and then by being placed in care without the causes of the problems their families were facing being sufficiently recognised. The youth care and protection system failed to prevent them being placed in care.”
Painful conclusions call for decisive action
The report shows that, in many cases, claims by the Tax and Customs Administration led to debt, poverty and stress which in turn created or exacerbated family problems. Shortcomings on the part of neighbourhood teams and youth care and protection meant that the financial causes were insufficiently identified and this resulted in care orders that might otherwise have been prevented.
In the words of Minister Palmen-Schlangen, “These young people are still burdened by the negative impact each and every day. You can rest assured that you’ve now been seen and heard and we recognise the government’s actions caused a great deal of suffering. That’s why we want to help young people with what they need most.”
Three-pronged approach: recognise, support, learn
The government acknowledges that these children have been particularly affected by its mistakes. It now wants to initiate a careful process during which it will work together with the partners and organisations involved, as well as with young people themselves, to determine how this process of recognition should be structured and implemented and apologies made. The government also wants to expand and improve the existing child support scheme.
A national support centre is going to be set up for all parents and young people who are looking for help with their mental health issues. In addition, a new scheme is going to be introduced for young people who were placed in care and who want to help with training and development. The independent Support Team, which helps aggrieved parents and children who were affected by care orders, is going to continue its work.
The government wants to learn from the mistakes made, for example by adopting an integrated family approach, strengthening legal protection in the context of youth protection and a culture change which revolves around trust in families.
Young people central to the plans
It is important to regain the trust of those families that were affected. That is why young people themselves are going to be closely involved in the process of developing the measures. They will play an active role, including in the actual implementation of those measures, for example in terms of contact with their peers or by providing information to youth welfare organisations.
Joint responsibility
The government wants to prevent families from experiencing the same kind of suffering again and it is taking the lessons from the Hamer Commission report on board. The report stresses the need to address complex problems in families in a coherent way and to make the youth sector more family orientated.
As Minister Tielen explains, “In the Youth Reform Agenda it was agreed that strong local teams should look more closely at what young people and families really need. Their situation and life experiences are key in this respect. This is an important point of departure as far as the government is concerned.”
This move is in line with the improvements in youth protection which are being made on the basis of the Future Scenario for Child and Family Protection. The government wants fewer children to be placed in care and a coherent approach to assistance.
Cooperation with chain partners
Organisations such as the Child Care and Protection Board (Raad voor de Kinderbescherming), certified institutions and the judiciary have completed their own reviews and have started introducing improvement measures.
As Minister Struycken explains, “We are adopting a joint approach. It is our collective responsibility to ensure that this suffering is never repeated and that affected children receive the support they deserve for their recovery and future.”
The government is going to inform the House of Representatives on progress with regard to all the planned measures by the end of 2025.
Source: United Kingdom – Executive Government & Departments
News story
Pathway to the launch of the Steel Strategy
In the run-up to launching the Steel Strategy later this year, Industry Minister Sarah Jones has welcomed a series of recent wins for the sector.
This government is committed to a bright and sustainable future for steelmaking in the UK, as part of our Plan for Change.
In the run-up to launching the Steel Strategy later this year, Industry Minister Sarah Jones has welcomed a series of recent wins for the sector following government backing. The Government has taken major action on areas crucial for the sector, from trade protections and electricity costs to procurement, including:
Industrial Strategy and Spending Review
Slashing electricity costs for steel producers by cutting network charges via the Supercharger by 90%, up from 60%, as announced in our modern Industrial Strategy.
Streamlining grid access for major investment projects — including prioritising those that create high-quality jobs and deliver significant economic benefits – through a new Connections Accelerator Service.
We will work closely with the energy sector, local authorities, Welsh and Scottish Governments, trade unions, and industry to design this service, which we expect to begin operating at the end of 2025.
New powers in the Planning and Infrastructure Bill, currently before parliament, could also allow the Government to reserve grid capacity for strategically important projects, cutting waiting times and unlocking growth in key sectors.
The Industrial Strategy’s support for sectors such as Advanced Manufacturing will also increase demand for steel as a foundational product, as demand for lightweight and precision engineered steel products increases.
Confirming funding in the Spending Review for a £500 million grant to Tata Steel in Port Talbot as part of a £1.25bn transformation deal to construct an Electric Arc Furnace.
Trade
Strengthening current steel safeguard measures by slowing future increases in spikes of foreign imports, capping certain import levels and tightening country-specific limits – ensuring UK steel producers won’t be undercut while still making sure the UK has a steady and reliable supply.
Announcing our intent to launch new laws to expand our powers to respond to unfair trade practices, and guard against global turbulence in critical sectors, such as steel, as announced in the Trade Strategy.
Inviting steel producers, consumers and stakeholders across the supply chain to shape our future approach to trade measures for steel in a new call for evidence, as we continue to support the UK steel industry from unfair trading practices and strengthen the UK’s critical supply chains after the expiry of steel safeguard in June 2026.
Procurement
Changing government procurement rules, via the publication of a new Steel Public Procurement Notice, to ensure UK-made-steel is considered for all public projects and to use exemptions in buying rules to support steel makers wherever possible. This will give them access to more of the £400bn spent by the Government each year on procurement and help to protect our national security.
Publishing a pipeline of UK infrastructure projects taking place over the next few years. The 2025 data shows that over 7.5 million tonnes steel will be needed for these projects.
British Steel securing a £500m contract with Network Rail to supply over 337,000 tonnes of rail track, providing 80% of the company’s needs and helping to secure jobs.
Industry Minister Sarah Jones said:
This government recognises how vital steel is to our economy. That’s why we’re taking the decisive action needed to back the sector for the future, whether it’s slashing energy prices, strengthening government procurement or bolstering our trade defence measures.
Our upcoming Steel Strategy will set out our long-term vision for the sector and how we’ll work with industry and communities to deliver a bright, sustainable future for UK steelmaking that secures good, well-paid jobs across the country as part of our Plan for Change.
The Steel Strategy will be launched later this year, and will:
Establish a clear and ambitious long-term vision for the steel industry, in partnership with business and workers
Set out the actions needed to achieve that vision
Identify gaps in current capabilities and assess future UK steel demand, helping to inform investment decisions which will support economic growth
Set out what is needed to create a competitive business environment in the UK with the aim of attracting new private investment to expand UK steelmaking capability and capacity.
The Government will continue to work closely with the Steel Council and wider stakeholders to build on the significant positive steps we’ve taken towards the publication of the full Strategy.
You can find all our recent and upcoming announcements relating to the Steel Strategy on our GOV.UK Collection page.
ROAD TOWN, Virgin Islands, July 03, 2025 (GLOBE NEWSWIRE) — BloFin, a leading global cryptocurrency exchange, has officially launched registration for its blockbuster trading competition: the WOW(War of Whales) 2025 Grand Prix.
With an extraordinary total prize pool of up to $4,200,000 USDT, exclusive giveaways including a Tesla Cybertruck, and four exciting competition formats, WOW 2025 is set to become one of the most dynamic trading events of the year for crypto traders worldwide.
Four Thrilling Competition Formats, One Epic Trading Season
This year’s WOW Grand Prix offers participants four engaging ways to compete and win big:
Trading Competition (Futures)
Treasure Box Prize Hunt
Lucky Spin Draw
Grand Lotto Giveaway
From June 26 to July 15, traders can join team battles, climb individual leaderboards, unlock random rewards, and spin their way toward exclusive prizes — creating a truly immersive trading experience.
A Record-Breaking $4.2 Million Prize Pool
The WOW 2025 prize pool scales with total trading volume milestones, starting at $35,000 USDT and expanding to a massive $4,200,000 USDT. The more participants trade, the larger the total prize pool becomes for the community.
Prize Distribution Highlights:
Team Competition (by Trading Volume): 40%
Team Competition (by PNL %): 20%
Individual Competition (by Trading Volume): 25%
Individual Competition (by PNL %): 15%
Additional top-tier rewards include:
A Tesla Cybertruck for the top-performing team
Luxury giveaways for individual champions
As part of this year’s event, BloFin is also unveiling the exclusive WOW (War of Whales) 2025 PNL Card — a distinctive digital emblem crafted for elite competitors. Inspired by the cyber-themed aesthetic of the WOW Grand Prix, this limited-edition PNL Card serves as a personalized record of each trader’s performance throughout the competition. Participants can proudly display their achievements, track their battle stats, and share their milestones within the crypto trading community.
Registration Now Open
Registration runs from June 20 to July 15, 2025 (UTC). Team leaders can create squads and users are encouraged to join early to maximize their competitive edge.
About BloFin
BloFin is a top-tier cryptocurrency exchange that specializes in futures trading. The platform offers 480+ USDT-M perpetual pairs, Coin-Margined Perpetual Contracts, spot trading, copy trading, API access, unified account management, and advanced sub-account solutions. Committed to security and compliance, BloFin integrates Fireblocks and Chainalysis to ensure robust asset protection. By partnering with top affiliates, BloFin delivers scalable trading solutions, efficient fund management, and enhanced flexibility for professional traders. As the constant sponsor of TOKEN2049, BloFin continues to expand its global presence, reinforcing its position as the place “WHERE WHALES ARE MADE.” For more information, visit BloFin’s official website at https://www.blofin.com.
Disclaimer: This content is provided byBloFin. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.
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New York City, NY, July 03, 2025 (GLOBE NEWSWIRE) — Tribal loans online provide financial aid to those who need urgent cash to fulfill their emergent needs. Now there is no need to beg your relatives and friends for cash when you need finance for those emergencies. Upper Lake Lending is pleased to launch its tribal loan matching service designed for such needs. The majority of people are not willing to go for any loan due to their poor credit records. Such people think that no one will ever provide a loan to them. But now the time has changed. With the competition in the market, tribal lenders with guaranteed approval from Upper Lake Lending are coming up with newer and newer ways of borrowing money. No credit check tribal cash advance is a right choice for them. These advances can be utilized to clear off numerous expenses such as vehicle repair expenses, home renovation expenses, power bills, medical bills, schooling fees, and holiday tours.
Benefits Of No Credit Check Tribal Loans From Direct Lenders
No credit check tribal loans, as the name suggests, are small instant cash loans which are approved without any credit verification. These are very quick to borrow money loans. As a borrower you may get the cash loan approved via the internet too. It is the fastest and the most suitable way to borrow money. Here you have to just fill in an application form available on the Upper Lake Lending website with all your details and once the form is filled, the remaining process will not take much of your time to get completed.
These tribal payday loans are offered in both secured as well as unsecured ways. In the first case, you may get the cash approved without any collateral. On the other hand, there is no such need in unsecured loans but they are generally offered at slightly higher rates of interest. This is because of the risk the direct tribal lender is bearing in granting you a loan without any security.
But seeing all other features of these tribal installment loans, this limitation may be ignored. You may also go for market research and can select the best direct tribal lender for the personal loan without any hassle. These all features give such loans an edge over other types of loans.
Below, we explore the various benefits associated with no credit check tribal loans.
Accessibility for All Borrowers
One of the primary advantages of bad credit tribal loans is their accessibility. Traditional lenders often rely heavily on credit scores to determine eligibility. In contrast, no credit check tribal lenders cater to a broader audience, including:
Individuals with Low Credit Scores: Those who have faced financial difficulties in the past may find it challenging to obtain loans through conventional means.
Borrowers with Limited Credit History: Young adults or newcomers to the credit system may not have enough credit history to qualify for standard loans.
This inclusivity of tribal loans allows more people to access the funds they need, regardless of their credit background.
Quick Approval Process
Another significant benefit of guaranteed tribal loans is the expedited approval process. Since tribal lenders do not conduct a thorough review of credit histories, borrowers can often receive approval within a short timeframe. This rapid response is particularly advantageous for those facing urgent financial needs, such as:
Medical Emergencies: Unexpected medical expenses can arise, and quick access to funds can alleviate stress.
Car Repairs: A sudden vehicle breakdown may require immediate financial attention.
Tribal loans with no credit check is the perfect solution for such urgent needs.
Minimal Impact on Credit Score
Applying for a traditional loan typically involves a hard credit inquiry, which can temporarily lower a borrower’s credit score. No credit check tribal payday loans, however, do not require such inquiries, allowing individuals to apply without the fear of damaging their credit further. This aspect is particularly appealing for those who are actively working to improve their credit scores.
Flexibility in Loan Amounts
Bad credit tribal loans with no credit check often provide flexibility in terms of loan amounts. Borrowers can typically choose from a range of options that suit their specific financial needs. This flexibility can be beneficial for various situations, such as:
Small Personal Expenses: Individuals may need a small amount for personal projects or emergencies.
Business Ventures: Entrepreneurs seeking to fund a new business idea can also benefit from these loans.
Fast Funding
Many no credit check loans offer quick funding, sometimes within one to two business days. This speed is crucial for borrowers who require immediate financial assistance. The ability to access funds quickly can make a significant difference in managing unexpected expenses. Same day tribal loans from Upper Lake Lending is the best option for such situations.
Requirements For Bad Credit Tribal Loans With Instant Approval
Currently such tribal loans for bad credit are presented only to the persons living in the US. The borrower must have attained an age of 18 years if he or she wants to get a loan approved. He or she should also be working somewhere drawing a regular salary each month. He or she should also have a valid bank account in any bank in the US.
Common Requirements for Bad Credit Tribal Payday Loans
While requirements can vary by tribal lender, several common criteria are typically observed:
Minimum Credit Score: Most tribal lenders require a minimum credit score, often around 580. Some may accept scores as low as 550.
Proof of Income: Borrowers must demonstrate a stable source of income, which reassures tribal lenders of their ability to repay the loan.
Employment Verification: Tribal lenders may require proof of employment or a steady income stream, which can include pay stubs or bank statements.
Debt-to-Income Ratio: A lower debt-to-income ratio is favorable. Tribal lenders often look for a ratio below 40% to ensure that borrowers can manage additional debt.
Identification and Residency: Valid identification and proof of residency are standard requirements to verify the borrower’s identity and address.
The best part of these easiest tribal loans to get is that a borrower does not need to undergo the strict and formal condition structure to get the loan approved. A person may at any time before his/her payday may apply for the loan. He/she may also get the loan via the internet. It is the cheapest and most reliable way to get money. Here a borrower may also check and compare the rates and other charges of different tribal lenders available at the Upper Lake Lending platform.
How Guaranteed Tribal Installment Loans For Bad Credit Work
Before applying for these loans you need to choose the tribal lender that provides you these loans at an affordable interest rate. After selecting the best tribal lender you need to visit the lender’s website and fill up an application form with some personal details such as name, sex, age, account number, monthly income, repayment period etc. prescribed in it. After that you will receive cash in your hands in just a couple of hours, usually on the same business day.
The process of obtaining a guaranteed tribal loan for bad credit generally involves several straightforward steps:
Application: Borrowers fill out an application form, providing necessary personal and financial information.
Approval: The lender reviews the application and, if approved, determines the loan amount and interest rate.
Disbursement: Once approved, the funds are disbursed to the borrower, often through direct deposit.
The best way to apply for such easy tribal loans is via an online method. It prevents you from many irritations. You have to just fill in a request form available on the Upper Lake Lending website and once the form is filled, the remaining job is completed by the direct tribal lender himself. You may get the cash loans approved the same day without going anywhere.
Risks Associated With Tribal Installment Loans
While guaranteed tribal loans can be beneficial, they also come with certain risks:
High Costs: The interest rates on these loans can be significantly higher than those of traditional loans, leading to substantial repayment amounts.
Debt Cycle: Borrowers may find themselves in a cycle of debt if they are unable to repay the loan on time, potentially leading to the need for additional borrowing.
Regulatory Environment: The legal framework governing tribal loans can be complex, and borrowers should be aware of their rights and obligations.
Considerations About Tribal Loans
Having a bad credit history has become very common amongst people nowadays. Due to this, many people find it very difficult to apply for fiscal assistance, as traditional lenders are not assured that the borrower will pay the amount back. Tribal lenders offering bad credit loans come to the rescue in such a situation. $500 tribal installment loans are finances which cater to the urgent needs of bad creditors. Upper Lake Lending provides access to the wide network of trusted direct tribal lenders only who provide $500 dollar loans for bad credit borrowers.
Tribal loans also have the option to submit an application without teletrack. As the name says no teletrack tribal payday loans are free from the time consuming procedure of credit checks. Almost everyone is approved for these tribal loans online. You can ask for money even if you are running on bad credit scores like arrears, defaults, bankruptcy, etc. There is no verification of credit history either. The tribal lender offering tribal loans with guaranteed approval is not concerned about your credit past.
No need to worry any longer about how to deal with the urgent financial needs if you are a person with a bad credit record. Bad credit tribal payday loans can help you to resolve your financial problems till the next payday. The tribal lending companies are providing these loans without any credit check so there will be no problem in the approval of the loan even if you are having a bad credit record. You can save a lot of time for yourself while applying for these loans online with Upper Lake Lending because Upper Lake Lending connects borrowers with bad credit ratings with direct tribal lenders who provide tribal loans online guaranteed approval no matter what.
Due to their short term nature and no verification of your past details, this finance carries a relatively high rate of interest. You can make an application for this facility through the online method on the Upper Lake Lending website. For that, all you have to do is fill up the application form. The form is provided to you free of cost. The best tribal lenders deposit the amount into your bank checking account after it is approved.
New York City, NY, July 03, 2025 (GLOBE NEWSWIRE) — Tribal loans online provide financial aid to those who need urgent cash to fulfill their emergent needs. Now there is no need to beg your relatives and friends for cash when you need finance for those emergencies. Upper Lake Lending is pleased to launch its tribal loan matching service designed for such needs. The majority of people are not willing to go for any loan due to their poor credit records. Such people think that no one will ever provide a loan to them. But now the time has changed. With the competition in the market, tribal lenders with guaranteed approval from Upper Lake Lending are coming up with newer and newer ways of borrowing money. No credit check tribal cash advance is a right choice for them. These advances can be utilized to clear off numerous expenses such as vehicle repair expenses, home renovation expenses, power bills, medical bills, schooling fees, and holiday tours.
Benefits Of No Credit Check Tribal Loans From Direct Lenders
No credit check tribal loans, as the name suggests, are small instant cash loans which are approved without any credit verification. These are very quick to borrow money loans. As a borrower you may get the cash loan approved via the internet too. It is the fastest and the most suitable way to borrow money. Here you have to just fill in an application form available on the Upper Lake Lending website with all your details and once the form is filled, the remaining process will not take much of your time to get completed.
These tribal payday loans are offered in both secured as well as unsecured ways. In the first case, you may get the cash approved without any collateral. On the other hand, there is no such need in unsecured loans but they are generally offered at slightly higher rates of interest. This is because of the risk the direct tribal lender is bearing in granting you a loan without any security.
But seeing all other features of these tribal installment loans, this limitation may be ignored. You may also go for market research and can select the best direct tribal lender for the personal loan without any hassle. These all features give such loans an edge over other types of loans.
Below, we explore the various benefits associated with no credit check tribal loans.
Accessibility for All Borrowers
One of the primary advantages of bad credit tribal loans is their accessibility. Traditional lenders often rely heavily on credit scores to determine eligibility. In contrast, no credit check tribal lenders cater to a broader audience, including:
Individuals with Low Credit Scores: Those who have faced financial difficulties in the past may find it challenging to obtain loans through conventional means.
Borrowers with Limited Credit History: Young adults or newcomers to the credit system may not have enough credit history to qualify for standard loans.
This inclusivity of tribal loans allows more people to access the funds they need, regardless of their credit background.
Quick Approval Process
Another significant benefit of guaranteed tribal loans is the expedited approval process. Since tribal lenders do not conduct a thorough review of credit histories, borrowers can often receive approval within a short timeframe. This rapid response is particularly advantageous for those facing urgent financial needs, such as:
Medical Emergencies: Unexpected medical expenses can arise, and quick access to funds can alleviate stress.
Car Repairs: A sudden vehicle breakdown may require immediate financial attention.
Tribal loans with no credit check is the perfect solution for such urgent needs.
Minimal Impact on Credit Score
Applying for a traditional loan typically involves a hard credit inquiry, which can temporarily lower a borrower’s credit score. No credit check tribal payday loans, however, do not require such inquiries, allowing individuals to apply without the fear of damaging their credit further. This aspect is particularly appealing for those who are actively working to improve their credit scores.
Flexibility in Loan Amounts
Bad credit tribal loans with no credit check often provide flexibility in terms of loan amounts. Borrowers can typically choose from a range of options that suit their specific financial needs. This flexibility can be beneficial for various situations, such as:
Small Personal Expenses: Individuals may need a small amount for personal projects or emergencies.
Business Ventures: Entrepreneurs seeking to fund a new business idea can also benefit from these loans.
Fast Funding
Many no credit check loans offer quick funding, sometimes within one to two business days. This speed is crucial for borrowers who require immediate financial assistance. The ability to access funds quickly can make a significant difference in managing unexpected expenses. Same day tribal loans from Upper Lake Lending is the best option for such situations.
Requirements For Bad Credit Tribal Loans With Instant Approval
Currently such tribal loans for bad credit are presented only to the persons living in the US. The borrower must have attained an age of 18 years if he or she wants to get a loan approved. He or she should also be working somewhere drawing a regular salary each month. He or she should also have a valid bank account in any bank in the US.
Common Requirements for Bad Credit Tribal Payday Loans
While requirements can vary by tribal lender, several common criteria are typically observed:
Minimum Credit Score: Most tribal lenders require a minimum credit score, often around 580. Some may accept scores as low as 550.
Proof of Income: Borrowers must demonstrate a stable source of income, which reassures tribal lenders of their ability to repay the loan.
Employment Verification: Tribal lenders may require proof of employment or a steady income stream, which can include pay stubs or bank statements.
Debt-to-Income Ratio: A lower debt-to-income ratio is favorable. Tribal lenders often look for a ratio below 40% to ensure that borrowers can manage additional debt.
Identification and Residency: Valid identification and proof of residency are standard requirements to verify the borrower’s identity and address.
The best part of these easiest tribal loans to get is that a borrower does not need to undergo the strict and formal condition structure to get the loan approved. A person may at any time before his/her payday may apply for the loan. He/she may also get the loan via the internet. It is the cheapest and most reliable way to get money. Here a borrower may also check and compare the rates and other charges of different tribal lenders available at the Upper Lake Lending platform.
How Guaranteed Tribal Installment Loans For Bad Credit Work
Before applying for these loans you need to choose the tribal lender that provides you these loans at an affordable interest rate. After selecting the best tribal lender you need to visit the lender’s website and fill up an application form with some personal details such as name, sex, age, account number, monthly income, repayment period etc. prescribed in it. After that you will receive cash in your hands in just a couple of hours, usually on the same business day.
The process of obtaining a guaranteed tribal loan for bad credit generally involves several straightforward steps:
Application: Borrowers fill out an application form, providing necessary personal and financial information.
Approval: The lender reviews the application and, if approved, determines the loan amount and interest rate.
Disbursement: Once approved, the funds are disbursed to the borrower, often through direct deposit.
The best way to apply for such easy tribal loans is via an online method. It prevents you from many irritations. You have to just fill in a request form available on the Upper Lake Lending website and once the form is filled, the remaining job is completed by the direct tribal lender himself. You may get the cash loans approved the same day without going anywhere.
Risks Associated With Tribal Installment Loans
While guaranteed tribal loans can be beneficial, they also come with certain risks:
High Costs: The interest rates on these loans can be significantly higher than those of traditional loans, leading to substantial repayment amounts.
Debt Cycle: Borrowers may find themselves in a cycle of debt if they are unable to repay the loan on time, potentially leading to the need for additional borrowing.
Regulatory Environment: The legal framework governing tribal loans can be complex, and borrowers should be aware of their rights and obligations.
Considerations About Tribal Loans
Having a bad credit history has become very common amongst people nowadays. Due to this, many people find it very difficult to apply for fiscal assistance, as traditional lenders are not assured that the borrower will pay the amount back. Tribal lenders offering bad credit loans come to the rescue in such a situation. $500 tribal installment loans are finances which cater to the urgent needs of bad creditors. Upper Lake Lending provides access to the wide network of trusted direct tribal lenders only who provide $500 dollar loans for bad credit borrowers.
Tribal loans also have the option to submit an application without teletrack. As the name says no teletrack tribal payday loans are free from the time consuming procedure of credit checks. Almost everyone is approved for these tribal loans online. You can ask for money even if you are running on bad credit scores like arrears, defaults, bankruptcy, etc. There is no verification of credit history either. The tribal lender offering tribal loans with guaranteed approval is not concerned about your credit past.
No need to worry any longer about how to deal with the urgent financial needs if you are a person with a bad credit record. Bad credit tribal payday loans can help you to resolve your financial problems till the next payday. The tribal lending companies are providing these loans without any credit check so there will be no problem in the approval of the loan even if you are having a bad credit record. You can save a lot of time for yourself while applying for these loans online with Upper Lake Lending because Upper Lake Lending connects borrowers with bad credit ratings with direct tribal lenders who provide tribal loans online guaranteed approval no matter what.
Due to their short term nature and no verification of your past details, this finance carries a relatively high rate of interest. You can make an application for this facility through the online method on the Upper Lake Lending website. For that, all you have to do is fill up the application form. The form is provided to you free of cost. The best tribal lenders deposit the amount into your bank checking account after it is approved.
First Bus and City of York Council have announced extended hours for all six of York’s Park and Ride services to support residents, commuters, visitors and York’s hospitality industry.
From 20 July, Buses to operate from 05:30am Monday-Saturday and 07:30am on Sunday
Last services to leave the city centre at 10:30pm all week
Early and late-night connections offer greater flexibility for residents, commuters and visitors
Increased frequency for school holidays and summer season
From Sunday 20 July, the first bus will leave each Park and Ride site at 5.30am. The new timings will allow shift workers and those catching early trains to use the Park and Ride, which costs just £3.90 for an adult return. For example for residents travelling out of York, five of the six sites directly serve York railway station and the first service will arrive at the station by 5.45am – Rawcliffe (2/2A), Monks Cross (9), Designer Outlet (7), Poppleton (59) and Askham Bar (3). The remaining one, Grimston (8), serves Piccadilly, in the city centre.
In the evening, the last services will leave the city centre at 10.30pm, bringing all sites up to the same time for the first and last bus.
The timings extension is being funded by York’s Bus Service Improvement Plan, supported by the Department for Transport.
Cllr Kate Ravilious, Executive Member for Transport at City of York Council, said:
“Residents, commuters and visitors have asked us to run the Park and Ride earlier in the morning and later into the evening, and we’re delighted to confirm these extended hours will start from 20 July.
“Whether you’re catching an early morning train, finishing an overnight shift or enjoying a night out in York, this expansion is part of our commitment to giving people more travel options and making York a cleaner, more affordable and more sustainable city.
“The six Park and Ride sites cover every corner of York and with up to three children traveling free with a paying adult, offers an excellent alternative to driving in to York. They also make an invaluable contribution to reducing congestion across our city. We’ve also recently unveiled plans to open up two sites for overnight parking and will be announcing the next steps on these shortly.”
Andy Cullen, Managing Director of First Bus North & West Yorkshire, said:
“This will help commuters and shift workers with connections to train services at the very start and end of the day.
“The extension of services into the late evening will also be a real boost for visitors to York’s leisure and entertainment venues, as well as supporting the hospitality sector.
“It reflects our continued commitment to work in partnership with City of York Council to build the Park and Ride network for the benefit of local people and visitors to help grow the city’s economy.”
David Skaith, the Mayor of York and North Yorkshire, said:
“For too long, public transport hasn’t always worked for everyone, especially those with early starts or late finishes.
“For the first time all of York’s Park and Ride sites will operate on a single, consistent timetable from 5.30am right up until 10.30pm. It’s the kind of public transport our region deserves.
“We’re putting passengers first, with more affordable and greener journeys that everyone can benefit from – from shift workers and commuters to those enjoying the city’s night life.”
Local Transport Minister, Simon Lightwood, said:
“When public transport is affordable and reliable, it transforms lives—helping people get to work, attend medical appointments, access opportunities and stay connected with their community.
“I’m delighted that Mayor Skaith is already delivering major improvements with our £12 million investment and moving ahead with their plans to bring buses under local control.
“From cheaper fares to extended Park & Ride hours, these changes are kickstarting a bus revolution that drives economic growth and ensures people have proper access to jobs and opportunities, as we deliver the Plan for Change.”
Sarah Loftus, Managing Director of Make It York, said:
“York Park and Ride is a vital link in supporting our hospitality and tourism sectors, making it easier and more affordable for everyone to access the city centre, this helps all businesses to recruit and retain talent.
“The new operating hours of York Park and Ride improves accessibility for everyone, offering a reliable and inclusive transport option.
“For visitors, it’s a convenient way to explore the wider city, stay longer and enjoy more of what York has to offer, and these longer running hours will offer a real boost to our local economy.”
First Bus is also introducing more frequency on the Park and Ride network to support anticipated demand during the school holidays and summer tourism season.
From Sunday 20 July until 7 September, additional buses will operate Monday-Friday on all services and also Saturdays on routes 7 and 8. Normal timetables will run on Sundays.
After four successful events this spring, the reuse pop-up shop is back this summer at Raynesway Household Waste Recycling Centre (HWRC), offering residents a chance to pick up bargains while helping the environment.
Organised by HW Martin, who manage Raynesway HWRC, the pop-up aims to reduce waste by encouraging the reuse of good quality items and supporting recycling efforts.
The shop will open on alternate Fridays and Saturdays during the centre’s usual hours: from 12pm to 6pm on Fridays, and 8am to 6pm on Saturdays. The upcoming dates to visit are:
4–5 July
18–19 July
1–2 August
15–16 August
29–30 August
A wide selection of pre-loved goods, previously donated at Raynesway, will be available to purchase by card or cash, including toys, furniture, and home décor.
Visitors who want to browse and shop at the pop-up do not need to book. However, if you intend to drop off waste or make any donations for our next shop, booking a slot remains necessary. This can be done online via the Derby City Council website or by calling 01332 640000.
Funds raised through the pop-up will be reinvested in future reuse initiatives at Raynesway, with a share of the funds being used to provide vital support to resident’s most in need, through the Councils Welfare Reform team.
Councillor Ndukwe Onuoha, Cabinet Member for Streetpride, Public Safety and Leisure, commented:
The reuse pop-up offers a fantastic way for our community to help build a greener Derby. By donating or buying, residents are reducing environmental impact and giving items a new lease of life. At the same time, it provides an affordable option for families facing financial pressures, while helping to protect the planet. I encourage everyone to take part this summer, whether by donating or browsing – there’s something for everyone.
